Foreign ownership curbs stall realty sales

Property developers in the country are at the crossroads. While the skyrocketing prices signals improved prospects for companies, the government's plan to cool down the sector and the absence of foreign buyers indicates that all is not well on the realty front.

Nothing could justify this more than the complete absence of foreign buyers at many of the recent real estate expos. So much so that 30-year old Mar Fall was the only foreigner present at the launch of a residential project in Beijing's core CBD area recently, a place that is usually considered attractive for expatriates.

Fall, who hails from Senegal, said he was keen on purchasing a two-bedroom apartment in the capital after living in the city for five years. However, most of Fall's counterparts may not be so lucky as the policy restricting home purchases by foreigners came into effect again from Jan 1 this year.