Non-residents face ban on property purchases

SHANGHAI: The city government here is considering barring non-residents from buying property as investments in the hope of curbing price rises and making homes more affordable to local low- and middle-income families.

The Shanghai municipal government said in a recent directive that several departments - including the housing, land and resources bureau; the development and reform commission; and the public security bureau - were drawing up a property-purchase system for people who are not permanent residents of Shanghai.

The directive said the authorities will also create a separate system for people with temporary residency permits, but no details or timetable were released.