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Chinanews, Shanghai, May 10 – Recently, the Shanghai municipal government put some land for sale, which was the first batch1 of land sold this year. During the land sale, the local government has loosed the restriction2 on foreigners who want to purchase land for business purpose, the Oriental Morning Post reported.
On April 27, the Shanghai Housing Land Resource Management Bureau issued this year’s first notification on a list of state-owned land lots whose rights of use are put up for sale. Compared with the notifications issued last year, the new notification largely eases the restriction on foreigners’ purchase of land. According to the notification, the land purchase guarantee sum can be paid in foreign currencies. Also, the notification does not require that foreign buyers have to register a local company in China. According to the notification, a foreign natural person, legal person or organization can all participate in land bidding. The new notification is a continuation of the notifications issued last year. Apart from Renminbi, the notification stipulates3 that foreigners can pay their guarantee sum in the US dollar, Hong Kong dollar, Japanese yen4 or Euro, and the account name for the deposit is set as “the Shanghai Housing Land Resource Management Bureau.” This means that foreign companies can even buy land by transferring their money to the Shanghai Housing Land Resource Management Bureau directly from overseas. So it can be seen that the major obstacles that constrain5 foreigners from buying land in Shanghai have been basically cleared. Nevertheless, insiders say that it does not mean that China has begun to loose control on foreigners in their entry to domestic real estate market. The notification says that investors6 can get a land bidding briefing beginning from May 10. Since requirements for foreign investors in their land purchase have been eased, it is expected that more investors will parcitipate in the bidding process for those land lots that are located in commercial centers. The relaxation7 on the purchasing chain of land does not mean that China has begun to loose the control on foreigners in their access to the real estate market. On the contrary, foreign investors will meet stricter requirements and more obstacles this year when they want to register a local company in China or when they want to invest their money in China’s real estate market, a manager at a foreign investment fund company told this reporter.
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