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Property

Shanghai adds restrictions on enterprises buying residential property

Move aims to further tamp down real estate speculation

Shanghai's new rules for enterprises seeking to buy residential property include minimum thresholds on tax payments and staffing.   © AP

HONG KONG (Reuters) -- The housing authority in the Chinese city of Shanghai on Monday issued new rules restricting enterprises from purchasing residential property, in a move aiming at further curbing speculation in the real estate market.

The housing bureau said legitimate enterprise buyers have to meet the requirements including having establishments in the city for five years or longer, tax payment of at least one million yuan ($150,000) and hiring ten or more employees.

New rules will be effective from July 3.

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