onehome

Chinanews, Beijing, July, 25 – The Beijing Municipal Construction Committee issued an urgent notice last week saying that residents from Hong Kong, Macao and Taiwan and overseas Chinese will be allowed to buy only one commercial apartment for “residential purpose.” The notice came into effect on July 21.

On July 24, the Ministry of Construction and the Ministry of Commerce jointly issued a regulation on the management of foreign capital in their access to the property market. Various central government departments countersigned this document. The regulation stipulates that residents from Hong Kong, Taiwan and Macao “can buy a limited number of apartments in China for residential purpose.” However, the document does not specify the number.

Based on this document, the Beijing Municipal Construction Committee issued a similar document last week.

Beijing, Shanghai, and Guangzhou are among the main cities in Chinese mainland where foreigners, overseas Chinese and residents from Hong Kong, Taiwan and Macao like to buy their own houses.

The statistics released by the Shanghai-based Centaline China property company show that last year, residents from Hong Kong, Macao and Taiwan bought 700,000 square meters of houses in Beijing, accounting for 2.88% of the total property sales in the city. The houses they bought were valued at 8.989 billion yuan, accounting for 5.14% of the total amount of money spent in the housing market. During the first half of this year, residents from Hong Kong, Macao and Taiwan bought 184,000 square meters of houses in Beijing.

Analysts said that the notice issued last week could, to some extent, limit the total number of houses sold to people outside the mainland, and constrain their speculative activities in the property market.


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