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China to keep a close eye on 'hot-money' inflows

BEIJING: In attempt to stabilise the property market, China's Ministry of Commerce recently said that it would keep a close eye on the "hot-money" inflows into China, especially in the real estate area, according to Beijing-based caijing.com.cn.

According to data from the commerce ministry, nearly 500 foreign property firms were established across China in the first nine months, attracting US$16.6 billion (RM51.79 billion), a 56% increase with the same period last year. Also, the percentage of unitised foreign direct investment saw a 5.7% hike to 22.38% year-on-year.

The ministry pledged to strengthen supervision over approval process and re-check land papers.

In the meantime, as part of its effort to restrict the inflows of speculative investment into its economy and easy inflationary pressures, China has imposed a new set of regulations limiting foreigners from buying residential and commercial property on the Chinese mainland.
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