Special Report: Global Financial Crisis

    BEIJING, Jan. 27 ---Restrictions on foreigners buying real estate property in Beijing were called off as Beijing introduced a slew of measures Friday to revitalize the sluggish property market.

    The residency requirement and house type limits for foreign expatriates buying homes in Beijing has been called off throughout 2009, according to the 15 opinions co-released by nine departments -- including the municipal construction committee, development and reform commission and finance bureau of Beijing.

    In 2007, the local government issued regulations stipulating that only expatriates living in Beijing more than one year and those who could provide details proving they would be the primary inhabitants could buy one house.

    Li Wenjie, general manager of real estate agency Centaline China's North China Branch said that real estate prices skyrocketed as a result of the restrictions -- thus effectively curbing foreign capital."

    Foreign purchases accounted for seven-to-eight percent of all the real estate transactions in Beijing before the regulation took effect. After that, the number dropped to 0.5 percent, he said.

    Xinhua News Agency correspondents reporting from Beijing.

    (Source: XHTV)