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China’s top economic planner has issued a notice, limiting mortgages for foreigners purchasing properties in this country.
The notice issued by the National Development and Reform Commission (NDRC) said the long-erm foreign debt demand of branches of foreign banks in China for foreigners’ mortgage on buying properties in this country will not be approved, the Shanghai Securities Journal reported today.
It quoted the notice as saying that yuan funds borrowed by foreign banks for a term of longer than one year will be managed as long-term debts.
Moreover, the total amount of local and foreign currencies of one-year term should not be more than the total amount of foreign debt, the report said.
An industry insider said this act will narrow down foreigners’ sources of getting funds for housing mortgage and in some way limit their purchase.
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