Retail in Asia

In Shops

Guangzhou bars foreigners from buying shops

Guangzhou has unveiled a new policy banning foreigners, and people from Hong Kong and Macau from investing in retail properties in the city, the latest move to tighten controls on its red-hot property market.

The policy, which took effect on 1 March, came as sales of shops in Guangzhou surged in the fourth quarter, with investors shifting their focus to commercial property after they were banned from speculating on the residential market, said Ellis Wong, managing director of Centaline Property Agency’s local office.

In the first 11 months of last year, increasing consumer confidence and tourist consumption boosted the south China city’s total retail sales by 17.3 percent year on year to CNY474.7 billion (USD75.28b), according to property firm DTZ.

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(Source: scmp.com)