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New rules to restrict foreigners' ownership of homes

Updated: 2012-02-03 07:32
By Hu Yuanyuan ( China Daily)

BEIJING - People from overseas hoping to buy a home in China will no longer be granted medium- or long-term mortgages, the National Development and Reform Commission (NDRC) said on Thursday.

The new policy is the government's latest measure to cool the country's property market and demonstrate its determination to allow home prices to return to a reasonable level, industry analysts said.

"When evaluating the foreign-exchange quota for medium- and long-term debt (loans with a maturity period of more than one year), we mainly examine the loans for fixed-asset investment. Those medium- and long-term loans given to foreigners for the purposes of home purchases will not be arranged," the NDRC statement said.

New rules to restrict foreigners' ownership of homes