China Steps Up Ownership Curbs for Foreign Homebuyers

China ordered first-time foreign homebuyers to show proof they don’t own other properties in the country as it steps up measures to curb gains in the real estate market, the housing ministry and currency regulator said.

Foreigners will have to provide home ownership statements before their purchases, along with proof of at least a year’s employment in China, the State Administration of Foreign exchange and the Ministry of Housing and Urban-Rural Development said. Overseas companies are only allowed to buy offices in cities where they are registered, it said.