Shanghai Plans To Limit Property Acquisitions – AP

From AP via The China Post:

China’s biggest city plans to tighten controls on purchases of property by foreign companies to help cool surging real estate prices, a report said Wednesday.

“We no longer encourage foreign companies to purchase en-bloc properties rather than develop their own,” the state-run newspaper Shanghai Daily quoted Liu Jinping, head of the city’s Foreign Economic Relations and Trade Commission , as saying. “Stricter requirements are applied to the approval of such acquisition deals to prevent prices from being pushed up by speculative investors,” Liu said. [Full Text]