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From News, page 6, issue no.341, November 12th 2007
Translated by Ren Jie
Original article:[Chinese]

The Chinese government has said no to foreign-funded real estate agencies.

Foreign-invested firms are now restricted from participating in secondary property market transactions and real-estate agency activities, according to the newly issued Guidlines for Foreign-Invested Sectors 2007 Edition published on Nov 7.

The guide – which was jointly issued by the National Development and Reform Commission and the Ministry of Commerce - also discourages foreign investment in residential property and high-end hotel development.

It is consistent with the government's restricting policy on the real estate industry launched more than a year ago.

"The new ruling indicates that the government has identified the broker sector as a new channel, with which foreign investors enter the restricted real estate industry,"says Li Wenjie, general manager of Centaline Real Estate Consultancy Company. Li points out that in recent years, there has been a surge in real estate brokers sourcing external funding, which could be a grave concern for the government.

Loopholes in the Broker Sector
"Even if you give me one hundred million now, I'd have no idea what to do with it," says Li, explaining that real estate brokers depend on smart strategizing for survival, while huge inflow of funding would only lead to asset buy-over.

Since 2005, a trend of real estate agencies seeking outside funding emerged. They include Shanghai Bobang Real Estate Investment Consultancy, which in its eagerness to be publicly listed had resorted to expansion with funding from a Singapore investor. The breakneck expansion eventually led to its downfall, and it has been taken over by 21st Century Real Estate.

In another case, Sunco Real Estate looked for funding to develop its internet-based property brokering concept and to realize its listing on the Nasdaq. The move has instead allowed Softbank Investment Fund (Asia) and the Carlyle Group to own 15 percent and 7.5 percent shares respectively in Sunco Real Estate. In addition, E-House China and 21th Century Real Estate have also expressed interest to pursue a market listing.