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China Limits Mortgage Loans for Foreigners, NDRC Says

China will limit mortgage loans for home purchases by foreigners to stem overseas investment in its property market as part of efforts to cool prices.

The nation’s planning agency won’t approve medium- and long-term foreign debt quotas for overseas banks in 2012, if they intend to use such borrowings to fund mortgages taken out by foreigners, the National Development and Reform Commission said in a statement.