Shanghai Permits Foreign Businesses,
Individuals to Buy Lease Real Estate
|
The eastern Chinese metropolis of Shanghai has
decided to remove the last remaining barrier hindering foreign
businesses and individuals from purchasing or leasing real
estate in the city.
The municipal real estate and land resources administration
has issued a notification which effectively permits the
purchase and leasing of real estate for business purposes.
The new regulation, which will take effect on March 1, specifies
that foreign businesses and individuals can purchase all
types of real estate in Shanghai, except for those under
special state or municipal regulations.
The municipality abrogated its restriction on the purchase
of residences by foreign nationals in July, 2001. The decision
has triggered a sharp rise in real-estate sales among foreigners
in Shanghai, officials say.
According to statistics, foreign businesses and individuals
purchased 578,100 square meters of housing in 2001, a 67.8
percentrise over 2000, when the restriction was still in
effect. The figure rocketed to 1.041 million square meters
in 2002, up 80 percent over the previous year. |
