New rules to restrict foreigners' ownership of homes
<p><span word="People">People</span> <span word="from">from</span> <span word="overseas">overseas</span> <span word="hoping">hoping</span> <span word="to">to</span> <span word="buy">buy</span> <span word="a">a</span> <span word="home">home</span> <span word="in">in</span> <span word="China">China</span> <span word="will">will</span> <span word="no">no</span> <span word="longer">longer</span> <span word="be">be</span> <span word="granted">granted</span> <span word="medium">medium</span>- <span word="or">or</span> <span word="long">long</span>-<span word="term">term</span> <span word="mortgages">mortgages</span>, <span word="the">the</span> <span word="National">National</span> <span word="Development">Development</span> <span word="and">and</span> <span word="Reform">Reform</span> <span word="Commission">Commission</span> (<span word="NDRC">NDRC</span>) <span word="said">said</span> <span word="on">on</span> <span word="Thursday">Thursday</span>.</p><p><span word="The">The</span> <span word="new">new</span> <span word="policy">policy</span> <span word="is">is</span> <span word="the">the</span> <span word="government">government</span>'<span word="s">s</span> <span word="latest">latest</span> <span word="measure">measure</span> <span word="to">to</span> <span word="cool">cool</span> <span word="the">the</span> <span word="country">country</span>'<span word="s">s</span> <span word="property">property</span> <span word="market">market</span> <span word="and">and</span> <span word="demonstrate">demonstrate</span> <span word="its">its</span> <span word="determination">determination</span> <span word="to">to</span> <span word="allow">allow</span> <span word="home">home</span> <span word="prices">prices</span> <span word="to">to</span> <span word="return">return</span> <span word="to">to</span> <span word="a">a</span> <span word="reasonable">reasonable</span> <span word="level">level</span>, <span word="industry">industry</span> <span word="analysts">analysts</span> <span word="said">said</span>.</p><p>"<span word="When">When</span> <span word="evaluating">evaluating</span> <span word="the">the</span> <span word="foreign">foreign</span>-<span word="exchange">exchange</span> <span word="quota">quota</span> <span word="for">for</span> <span word="medium">medium</span>- <span word="and">and</span> <span word="long">long</span>-<span word="term">term</span> <span word="debt">debt</span> (<span word="loans">loans</span> <span word="with">with</span> <span word="a">a</span> <span word="maturity">maturity</span> <span word="period">period</span> <span word="of">of</span> <span word="more">more</span> <span word="than">than</span> <span word="one">one</span> <span word="year">year</span>), <span word="we">we</span> <span word="mainly">mainly</span> <span word="examine">examine</span> <span word="the">the</span> <span word="loans">loans</span> <span word="for">for</span> <span word="fixed">fixed</span>-<span word="asset">asset</span> <span word="investment">investment</span>. <span word="Those">Those</span> <span word="medium">medium</span>- <span word="and">and</span> <span word="long">long</span>-<span word="term">term</span> <span word="loans">loans</span> <span word="given">given</span> <span word="to">to</span> <span word="foreigners">foreigners</span> <span word="for">for</span> <span word="the">the</span> <span word="purposes">purposes</span> <span word="of">of</span> <span word="home">home</span> <span word="purchases">purchases</span> <span word="will">will</span> <span word="not">not</span> <span word="be">be</span> <span word="arranged">arranged</span>," <span word="the">the</span> <span word="NDRC">NDRC</span> <span word="statement">statement</span> <span word="said">said</span>.</p><p>"<span word="The">The</span> <span word="new">new</span> <span word="restrictions">restrictions</span> <span word="are">are</span> <span word="still">still</span> <span word="aimed">aimed</span> <span word="at">at</span> <span word="the">the</span> <span word="real">real</span> <span word="estate">estate</span> <span word="market">market</span>. <span word="However">However</span>, <span word="as">as</span> <span word="home">home</span> <span word="purchase">purchase</span> <span word="by">by</span> <span word="foreigners">foreigners</span> <span word="only">only</span> <span word="accounts">accounts</span> <span word="for">for</span> <span word="a">a</span> <span word="small">small</span> <span word="portion">portion</span> <span word="of">of</span> <span word="the">the</span> <span word="overall">overall</span> <span word="residential">residential</span> <span word="market">market</span>, <span word="the">the</span> <span word="impact">impact</span> <span word="should">should</span> <span word="be">be</span> <span word="limited">limited</span>," <span word="said">said</span> <span word="John">John</span> <span word="Wong">Wong</span>, <span word="director">director</span> <span word="of">of</span> <span word="investment">investment</span> <span word="services">services</span> <span word="at">at</span> <span word="the">the</span> <span word="real">real</span> <span word="estate">estate</span> <span word="consultancy">consultancy</span>, <span word="Colliers">Colliers</span> <span word="International">International</span> (<span word="Beijing">Beijing</span>).</p><p><span word="At">At</span> <span word="a">a</span> <span word="meeting">meeting</span> <span word="on">on</span> <span word="Tuesday">Tuesday</span>, <span word="Premier">Premier</span> <span word="Wen">Wen</span> <span word="Jiabao">Jiabao</span> <span word="reiterated">reiterated</span> <span word="that">that</span> <span word="regulators">regulators</span> <span word="would">would</span> "<span word="continue">continue</span> <span word="to">to</span> <span word="strictly">strictly</span> <span word="enforce">enforce</span>" <span word="measures">measures</span> <span word="to">to</span> <span word="discourage">discourage</span> <span word="speculation">speculation</span>, <span word="despite">despite</span> <span word="signs">signs</span> <span word="that">that</span> <span word="the">the</span> <span word="overheated">overheated</span> <span word="market">market</span> <span word="has">has</span> <span word="been">been</span> <span word="cooling">cooling</span>.</p><p><span word="Statistics">Statistics</span> <span word="from">from</span> <span word="Centaline">Centaline</span> <span word="Property">Property</span> <span word="Agency">Agency</span> <span word="show">show</span> <span word="that">that</span> <span word="in">in</span> 2009 <span word="the">the</span> <span word="proportion">proportion</span> <span word="of">of</span> <span word="homes">homes</span> <span word="in">in</span> <span word="Beijing">Beijing</span>'<span word="s">s</span> <span word="pre">pre</span>-<span word="owned">owned</span> <span word="property">property</span> <span word="market">market</span> <span word="owned">owned</span> <span word="by">by</span> <span word="people">people</span> <span word="from">from</span> <span word="overseas">overseas</span> <span word="stood">stood</span> <span word="at">at</span> 0.79 <span word="percent">percent</span>, <span word="while">while</span> <span word="in">in</span> <span word="deals">deals</span> <span word="for">for</span> <span word="apartments">apartments</span> <span word="valued">valued</span> <span word="at">at</span> <span word="more">more</span> <span word="than">than</span> 3 <span word="million">million</span> <span word="yuan">yuan</span> ($476,000), <span word="the">the</span> <span word="figure">figure</span> <span word="was">was</span> <span word="more">more</span> <span word="than">than</span> 10 <span word="percent">percent</span>. <span word="In">In</span> 2007 <span word="the">the</span> <span word="figure">figure</span> <span word="was">was</span> 0.4 <span word="percent">percent</span>, <span word="and">and</span> <span word="in">in</span> 2008, 0.32 <span word="percent">percent</span>.</p>
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