Restrictions aim to cool heated property market

SHANGHAI: The Shanghai municipal government has further restricted foreign investors from acquiring land for property development.

Under the No 16 land transfer bulletin issued by Shanghai Municipal Housing, Land and Resource Administration Bureau on December 23, deposits on land for residential use and commercial purposes can now only be paid in renminbi.

Previously, the bureau accepted four different foreign currencies - US dollars, HK dollars, Euros and Yen - as deposits at government auctions.