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In China eased restrictions on foreign property buyers
PRC authorities to soften restrictions on investments by foreign investors in the Chinese market funds real estate, reports Bloomberg. So, the Chinese units of foreign companies and foreigners working and living in China, will now be able to acquire property for their own use in accordance with their "real needs ", said in a statement the Ministry of Commerce of China. Earlier, buying a property does not allow foreign citizens working in China less than a year. In addition, Chinese regulators have abolished the requirement, under which foreign investors working in the real estate market in China, must have authorized capital of not less than half of their investments in the country, if the amount exceeds $ 10 million, and were fully utilize this capital before resorting to borrowing in yuan. Easing of restrictions designed to ensure "stable and healthy" growth of the housing market ", - the report says the Chinese Central Bank. The recent devaluation of the RMB has increased the price of Chinese property in national currency and make housing less affordable for local people. "These are important steps towards easing restrictions on the real estate market. However, their impact on the market will be limited, as the share of foreign persons account for only a microscopic fraction of home buyers in China, "- notes the analyst of Shanghai real estate agency Centline Group Liu Yuan. According Centline, purchase of real estate by foreigners accounted for only 0.5% of all transactions on the secondary housing market in Shanghai last year. The Chinese authorities have imposed restrictions for the housing market in 2006 with the rapid rise in property prices in China and the growth of foreign investment in the sector. The rate of increase in investment in the development of the Chinese real estate sector in seven months of this year decreased by almost 10 percentage points compared to the same period of the previous year - to 4.3%.

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