New rules for foreigners buying property in Shenzhen come into effect

New rules for foreigners buying property in Shenzhen come into effect
Submitted by andy.scott on Thu, 2007-07-12 10:34. :: china cities | industry intelligence | real estate | regulations | shenzhen | southeast china

This article was aggregated from China Briefing Blog

Foreigners are now limited to buying one home for personal use in Shenzhen. The rule, which came into effect Wednesday, states that all non-mainlanders, including overseas nationals, Chinese citizens resident overseas and residents of Hong Kong, Macau and Taiwan, will be allowed to buy property only if they sign a guarantee that the house is their own property in Shenzhen and is for personal use.

According to the South China Morning Post, the rules will only affect new buyers. Non-mainland homeowners who already have more than one property in Shenzhen are grandfathered in and will be allowed to keep them.

According to experts the paper interviewed, the new regulations - the city government’s first real measures to limit foreign investment - are unlikely to have a serious impact on Shenzhen’s real estate sector.