Why Global Property Buyers Are Suddenly Low on Cash
“China’s escalating crackdown on capital outflows is sending shudders through property markets around the world.” The federal government of China has put a damper on overseas payments, curbing the “world’s biggest real estate buying spree.”
The new process requires additional documentation of foreign transactions. Additionally, the new federal mandate demands that “buyers of foreign exchange must now sign a pledge that they won’t use their $50,000 quotas for offshore property investment.”
This could spell opportunity for investors of other nationalities to jump in where China once dominated.
Read the full article, China's Army of Global Homebuyers is Suddenly Short on Cash, on Bloomberg.com and share your opinion below.