Steps taken to cool property market – China Daily

From China Daily via China Economic Net:

China’s new policy on overseas investment in the property sector aims to curb hot speculative money from overseas, according to a spokesman for the Ministry of Construction quoted yesterday by Xinhua.

“Compared to its huge population, China’s land resources are scarce and the nation faces land constraints,” the spokesman said. “We must step up supervision and management of property investment by overseas institutions and individuals from a long-term view.”

This is the first time Chinese officials have spoken out on the new policy six ministerial departments promulgated in mid-July. [Full Text]

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