China Unveils Policies to Regulate Foreign Investment in Real Estate – People’s Daily

From People’s Daily online:

China’s Ministry of Commerce listed a number of measures to ensure control over direct investment of foreign fund in the real estate sector, as the country strives to avoid international speculative money to create bubbles in the sector.

Local commerce departments should strictly limit foreign investment in luxury real estate, the ministry said in a document published on its website Wednesday.

It reiterated foreign investors need to establish a real estate company before they can invest in real estate projects, and they should also get approvals from relevant department to expand their business scope in order to invest in new real estate projects. [Full Text]