From China Daily via Xinhua:
The Chinese government continues to rein in overseas speculators in the country’s property market, as it is now requiring foreigners to get approval before they send funds out of the country that were earned from selling houses.
According to a circular on management over foreign investment in China’s housing sector, which was jointly released by the State Administration of Foreign Exchange (SAFE) /ÂõΩÂÆ∂§ñʱáÁÆ°ÁêܱÄand the Ministry of Construction, overseas investors who want to take over or acquire stakes in Chinese property companies will come up with the full purchase price.
If they want to qualify for loans from Chinese or foreign banks, overseas-financed property companies will have to provide 35 percent of the funds needed for a project from their own resources, the circular said. [Full Text]
