Foreigners working legally in Beijing may now buy property with an immediate effect, the Beijing Municipal Commission of Housing and Urban-Rural Development announced, in a move anticipated since the summer of 2015.
Previously, non-Chinese citizens were required to be resident in Beijing for a year in order to become eligible to purchase real estate. Now, a legal work permit (and a fair bit of money) is enough to buy the Beijing home of your dreams – or the rental property you’ve always been eyeing.
Beijing’s real estate market was not long ago considered overheating, but has certainly cooled to the point that local officials are keen to encourage buying.
However, foreigners are not usually eligible for the same financing options available to Chinese citizens, which may continue to limit foreign enthusiasm for local property, even among long-term expatriates.
This post first appeared on thebeijinger on February 17, 2016.
Photo: thebeijinger.com
