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Industry News
Real Estate Industry NewsBeijing City Releases New Real Estate PoliciesNew real estate policies released yesterday attempts to rein in ballooning housing prices and property speculation in China’s capital city.The Implementing Opinions for Promoting the Steady and Healthy Development of the Real Estate Market in Beijing (Implementing Opinions), asserts adherence to a 40 percent initial housing loan payment for second properties and single land leases of commercial housing should not exceed 20 hectares. Foreigners will now be restricted to buying only one piece of property per person. Moreover, foreign buyers who have worked or studied in the country for less than a year will not be allowed to purchase commercial housing.The capital is also requiring that property developers unveil entire houses in one time within three days. Starting January 1, 2010, individuals transferring the ownership of their non-common houses held for less than five years should contribute the full business tax amount.
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