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After sending the global economy to the verge of a nervous breakdown, China is now trying stabilize its economy with new rules designed to ease its rigid property sales restrictions to foreigners.
According to an International Business Times report, the Chinese government is ending its requirement that foreigners live in China for a year prior to the investment in local property. The one-property-per-personal-use limitations imposed on non-Chinese individuals and businesses will also be eased in most markets–Shanghai and Beijing will continue to maintain one-property-per-foreign buyer limits.
These new changes erase a set of laws enacted in 2006, when the Chinese real estate market was beginning to heat up. Today, however, China’s economy is experiencing a decline in real estate sales and new construction, which has contributed significantly to the country’s overall economic miasma.