Rules that required foreigners to live in the country for a year before they could invest in property are to be abolished, the country’s commerce ministry said late Thursday. Limits on the number of properties foreign indviduals and businesses can purchase will also be relaxed, according to state media. Since 2010, foreign buyers have only been allowed to own one property for their personal use.
The new rules would also make foreign businesses exempt from paying their company’s full registered capital to the Chinese authorities before taking out loans to buy real estate.
