[photopress:Shanghaiproperty.jpg,full,alignright]Foreigners are now required to show immigration records to prove that they have lived on the Chinese mainland for more than a year when buying homes in Shanghai.
China unveiled a string of new policies in July to restrict overseas property investment. As these are implemented they affect future purchasing. Now foreigners who buy houses or apartments have to been in Chinaat least a year and they can only buyproperty only for their own use. They cannot lease it to others.
Four Shanghai districts, Jing’an, Xuhui, Baoshan and Pudong New Area, have banned foreigners and overseas Chinese from buying second homes within their jurisdictions since October.
Among other measures, overseas institutions and individuals that want to purchase property for purposes other than their own use must set up a company in China, according to a joint circular issued by six government agencies.
Source: Shanghai Daily