| |
The government has vowed to strictly
implement a three-year old ban on land
approval for villas to overcome local
government efforts to bypass the order.
Ministry of Land and Resources Vice-Minister
Wang Shiyuan announced the move Wednesday,
adding teeth to recent government moves
to cool down the property market. The
vice-director of MLR’s land use
department said many local governments
had by-passed the ban by approving luxury-housing
estates which did not use the word "villas".
Meanwhile, the State Administration
of Foreign Exchange (SAFE) surprised
experts Wednesday by not announcing
restrictions on foreigners purchasing
property. Financial experts have called
for curbs because of significant amounts
of foreign money entering the property
market. According to a SAFE report,
FDI inflows last year were US$79.1 billion,
up 44% year-on-year. This figure included
US$3.4 billion spent by institutional
buyers on houses. |
_screenres.gif)