In July 2006, China launched a policy restricting property purchases by foreigners. According to that policy, only expatriates who have studied or lived in China for more than one year could buy property, with purchases capped at one apartment for self-use.

"The new restriction will affect sales of some of our high-end projects," said Grant Ji, director of the investment department at the real estate service provider Savills Property Services (Beijing).

"One of the major barriers is the currency. People who don't work in China are only allowed to exchange a maximum of $50,000, which is not even enough to meet the down payment. If medium-to-long-term loans are prohibited, it will be almost impossible for them to purchase a home," Ji said.

Questions:

1. Who is facing restrictions on home purchases in China?

2. What is the new policy?

3. What percentage of homes are owned by people overseas?

Answers:

1. People from overseas.

2. They will no longer be granted medium- or long-term mortgages.

3. In 2009, 0.79 percent.

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