Beijing, Feb 2 (IANS) China will limit mortgages to foreigners buying properties in the country, the China Daily reported Thursday.
A notice was recently issued by China’s top economic planner the National Development and Reform Commission (NDRC) in this regard.
According to the notice, yuan funds borrowed by foreign banks for more than a year will be managed as long-term debts. The total amount of local and foreign currencies of one-year term should be no 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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