More Shenzhen Housing Regulations

September 14, 2007 C Ryan Beers

Front page of the Shenzhen Daily today states:

EXPATRIATE families in Shenzhen are allowed to buy more than one home in the city, but individual family members are restricted to just one each, a spokesman for the municipal housing and land resources bureau said yesterday.

"If both the expat wife and husband have been working in the city for over one year, each of them can buy a home," said the spokesman, adding that residents of Hong Kong, Macao, Taiwan and other overseas Chinese can each buy a home here too.

The city's housing has been such a hot speculative market in the last year or so that the local bureaus have been trying to cool it down. However, last month sales of second hand apartments slumped dramatically, so much so that Shenzhen property agents were selling more apartments in the Hong Kong New Territories than in Shenzhen! It has been quoted that the introduction of new sales contracts, restrictions on obtaining mortgages, and incoming tax measures, was the catalyst for this slump.

The Shenzhen office of Lehman, Lee & Xu has experienced that no particular regulation has, in itself, scared away would-be purchasers, but the regularity with which new regulations are implemented are what are causing unease.

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