Foreign hands could steady realty cradle

The financial maelstrom sweeping across the globe has spared no one.

China, like other nations too has been caught up in the tsunami and is leaving no stones unturned to escape the onslaught. As part of this, the nation embarked on a series of measures aimed at boosting local spending. Prominent among these measures are the ones announced by the government to prop up the sagging real estate market.

The nation has recently relaxed the property norms for foreigners to spur demand and rein in prices that have fallen by nearly 0.9 percent in January over last year. The new rules allow foreigners to participate more actively in the real estate market as well as boost purchases of second homes and also boost rentals in prominent locations.