Villa ban to be enforced

The government has vowed to strictly implement a three-year old ban on land approval for villas to overcome local government efforts to bypass the order. Ministry of Land and Resources Vice-Minister Wang Shiyuan announced the move Wednesday, adding teeth to recent government moves to cool down the property market. The vice-director of MLR's land use department said many local governments had by-passed the ban by approving luxury-housing estates which did not use the word "villas". Meanwhile, the State Administration of Foreign Exchange (SAFE) surprised experts Wednesday by not announcing restrictions on foreigners purchasing property. Financial experts have called for curbs because of significant amounts of foreign money entering the property market. According to a SAFE report, FDI inflows last year were US$79.1 billion, up 44% year-on-year. This figure included US$3.4 billion spent by institutional buyers on houses.