Foreign property investment curbs drafted

Chinese authorities have drawn up a policy restricting foreign investment in the country's property market to foreign businesses with offices in China or foreigners who have worked or studied in China for more than one year, the China Business News reported. Foreign businesses looking to invest in housing developments would be required to obtain approval from the Ministry of Commerce and be licensed by the State Administration of Industry and Commerce, in a move designed to stop hot money flows into the sector. The State Council would decide when the document would be issued or enforced depending on the development of the market.