The commercial departments will be asked to take charge of the approval process for foreign investments in the property industry, and lower-level commerce departments are now authorized to examine material filed by foreign investors.
The adjustment aims to simplify examination procedures and improve efficiency whilst strengthening the verification process.
The Ministry of Commerce will carry out spot checks periodically on foreign-funded enterprises with investments in real estate.
Enterprises that fail to meet relevant requirements will have their forex registration and foreign capital inflow filings annulled by the Ministry of Commerce and foreign exchange administrative departments.
Source: Property Report Asia