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China will require first-time foreign buyers to prove they don¶t own other properties in the
country as it steps up restrictions to curb the flow of speculative money, the Securities Times
reported, citing a statement issued by the housing and currency regulator.

Foreigners will have to provide statements before home purchases to show they don¶t own other
properties in the country, along with proof of at least a year¶s employment in China, the
newspaper said. Overseas companies are only allowed to buy offices in cities where they are
registered, it said.

China¶s central bank raised bank reserve requirements this week to tame inflation and restrain
foreign capital after the U.S. Federal Reserve¶s quantitative easing monetary policy. China also
has tightened rules on down payments, suspended mortgages for third homes, and last month
raised interest rates for the first time in three years.

³The government aims to curb both property prices and speculative capital, and the measure may
have some impact both on commercial and residential property in big cities where there has been
more foreign capital,´ said Jinsong Du, a Hong Kong- based analyst at Credit Suisse Group AG.
³But it also depends on how strict they will implement the policy.´

The measure on the Shanghai Composite Index tracking property stocks fell 3.2 percent to a one-
month low at the 11:30 a.m. break. China Vanke Co., the country¶s biggest developer, dropped 3.4
percent to 8.87 yuan in Shenzhen, and rival Poly Real Estate Group Co. declined 3.7 percent to
13.43 yuan.

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The requirement for home ownership statements is the first for the nation, Du said. In the past,
foreigners have been able to buy multiple properties in different cities because the ownership
records were maintained locally, he said.

The State Administration of Foreign Exchange and the Ministry of Housing and Urban
Development didn¶t immediately respond to a faxed query. The newspaper didn¶t specify when
the policy will be effective.

China will introduce new rules on currency provisioning and tighten management of banks¶
foreign-debt quotas, the foreign exchange regulator said in a statement on Nov. 9, forcing banks
to hold more foreign exchange and strengthen auditing of overseas fund raising to curb hot -
money inflows that may inflate asset bubbles.

China¶s property prices rose 8.6 percent in October from a year earlier, the slowest pace in 10
months, the statistics bureau said this week. The Royal Bank of Canada said after the release of
the data that the government would want further easing of property prices and the ³policy bias´ is
in favor of more interest rate increases.

Policy makers may introduce more measures in the fourth quarter amid signs of a price recovery,
according to Nomura Securities Co. The likely policies include a property tax and the enforcement
of the so-called land added-value levy in the ³overheated cities,´ the brokerage said in a Nov. 4
report. 

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