Taming China’s house prices
Non-permanent residents or foreigners can only buy property after showing proof of social security contributions or income tax payments for a year.The irony certainly is rich. Those darn outsiders driving up prices.
Permanent residents who already own two or more properties will not be allowed to buy any more.
Last week, the Beijing municipal government announced stricter regulations for non-permanent residents.
They are banned from buying any homes in the Chinese capital if they have no residence permit or documents showing that they paid social security or income tax for five consecutive years.
The State Council has also directed local governments to set property price targets in line with local income levels and the targets should be made public by the end of March.This is going to be fun to watch.
I'm excerpting a lot, but one more:
The guidelines were outlined by the central government a month ago but most local authorities have delayed their implementation.
“Why have more than 80% of the city governments yet to respond?