Four Chinese real estate buyers approved: the Ministry of the Interior


TAIPEI, CNA

Only four applications from Chinese citizens for purchasing real estate in Taiwan have been approved since the government began allowing the practice in 2002, according to a news release issued by the Ministry of the Interior (MOI) yesterday.

The reason so few applications have been approved is that Beijing not only imposes strict measures to control its foreign exchange reserves but has also been reluctant to list Taiwan as a place in which Chinese people can purchase real estate, the news release said.

The MOI drew up regulations governing Chinese people acquiring, creating or transferring property rights on Taiwanese real estate Aug. 8, 2002 after the Mainland Affairs Council (MAC) began allowing Chinese people to buy and own real estate in Taiwan under certain conditions.

According to the MOI, no approval will be granted for applications by Chinese people, corporations or groups, or companies funded with Chinese money to buy real estate in Taiwan if such a purchase is deemed to possibly endanger national security or social order.