The municipal government of Beijing recently relaxed investment restrictions of foreign buyers of property in the Chinese capital city. The government suspended measures that were introduced in 2007 to limit foreign ownership of residential property.
Under the old rules, only those foreigners who had lived in the city for at least a year could buy a house. The buyers also had to show proof that they were going to be the primary users of the property and not lease it out. At the time, the Beijing property market was soaring and the government wanted to keep foreign investors from driving up prices even more.
Prior the implementation of the 2007 regulations, foreign purchases accounted for seven to eight percent of the real estate sold in the city, according to one source. Afterward, the number was less than one percent. The Beijing property market is currently seeing declining prices and it is hoped that this move will help to boost the market.
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