[photopress:ChinaWorldTradeCenter_1_1.jpg,full,alignright]The central government’s restrictions on foreigners buying property in China, issued in July, left some leeway in the second-hand market for possible overseas purchasers, stirring up expectations of further regulations.
The Beijing News yesterday claimed that new regulations on foreigners and overseas Chinese buying used property in Beijing are expected to be promulgated within a month, with a real-name house purchasing system adopted.
Real estate agencies, insiders and experts believe a policy on second-hand housing will be drawn up shortly, because July’s policy shift has already pointed potential overseas house buyers towards the second-hand market.
Luo Yu, marketing manager of Xinyitian Real Estate Agent, a Beijing-based national real estate agent, said, ‘Foreigners’ enthusiasm for property in Chinese cities is mainly stimulated by the huge appreciation potential and the high-end second-hand market is regarded as another way for them to generate profit in the future.’
He acknowledged that extending the restrictions to the used housing sector would help cool down the real estate market in general.
Source: China Daily