Since July 2006, foreign companies and individuals are no longer permitted to directly acquire and hold PRC real estate for “investment purposes” (eg, greenfield development projects and acquisition of buildings for investment holding and/or leasing). Foreign investments in real estate are, since then, only authorised via a locally incorporated 'Real Estate Development Enterprise' set up to carry out real estate construction and development projects, and subject to additional capital conditions where foreign investment exceeds USD 10million. Nonetheless, foreign companies established in China (including their branches and representative offices) and foreign individuals may still directly acquire real estate in China for “self-use” (business purpose) or “self-residence” purposes in certain limited circumstances (e.g. only foreign individuals who work or study in China may purchase real estate for self-use or self-residence based on actual needs).(See Baker & Mckenzie (2021 for more information). Since 2015, the previous requirement that foreign-invested real estate enterprises must pay in full the registered capital for domestic loans, overseas loans, and foreign exchange loan settlements no longer applies.
"In order to implement the State Council's "Notice on Resolutely Curbing the Excessive Rise of House Prices in Some Cities" (Guofa [2010] No. 10), we are hereby strengthening the "Opinions on Regulating the Access and Management of Foreign Investment in the Real Estate Market" (Jianfang [2006] No. 171) ), and further standardize the management of overseas institutions and individuals to purchase houses. The notice is as follows:
1. Overseas individuals can only buy one house for self-occupation in China. Overseas institutions that set up branches and representative offices in China can only purchase non-residential houses needed for office work in the registered city. Except as otherwise provided by laws and regulations.[...]" (Notice on Further Regulating the Management of Overseas Institutions and Individuals Purchasing Houses, Jianfang [2010] No. 186 [google translation])
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"In order to promote the healthy development of the real estate market, with the approval of the State Council, the following opinions on regulating the access and management of foreign capital in the real estate market are hereby offered:
1. Regulating foreign investment in real estate market access
(1) Overseas institutions and individuals investing in real estate for non-self-use in China shall follow the principle of commercial existence and apply for the establishment of foreign-invested enterprises in accordance with the relevant regulations on foreign investment in real estate; only after approval by relevant departments and relevant registration procedures can they be approved in accordance with the relevant regulations. Engage in related businesses within the scope of business.
(2) For the establishment of real estate enterprises with foreign investment, if the total investment exceeds 10 million US dollars (including 10 million US dollars), the registered capital shall not be less than 50% of the total investment . If the total investment is less than US$ 10 million, the registered capital shall still be implemented according to the current regulations.
[...]
2. Strengthen the management of real estate development and management of foreign-invested enterprises
(6) Overseas investors who have not obtained the "Certificate of Approval for Foreign-Invested Enterprises" and "Business License" for investing in real estate are not allowed to conduct real estate development and business operations.
(7) If the registered capital of a foreign-invested real estate enterprise has not been paid in full, if the "state-owned land use certificate" has not been obtained, or if the capital of the development project has not reached 35% of the total investment of the project, it is not allowed to apply for domestic or overseas loans, and the foreign exchange management department The foreign exchange settlement of the enterprise's foreign exchange loans shall not be approved.
[...]
3. Strict management of foreign institutions and individuals buying houses
(10) Branches and representative offices established by overseas institutions in China (except for enterprises approved to engage in the real estate industry) and overseas individuals who have worked and studied in China for more than one year may purchase commercial houses for self-use and self-occupancy that meet actual needs, and may not Buy commercial housing not for self-use or self-occupancy. Overseas institutions that have not established branches or representative offices in China and overseas individuals who work or study in China for less than one year are not allowed to purchase commercial housing. Residents from Hong Kong, Macao and Taiwan and overseas Chinese may purchase a certain area of ​​self-occupied commercial housing within the territory due to their living needs. [...]" (Opinions of the Ministry of Construction of the People's Republic of China, the Ministry of Commerce, the National Development and Reform Commission, the People's Bank of China, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange on Regulating the Access and Management of Foreign Investment in the Real Estate Market, Jianfang [2006] No. 171 [google translation])
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"Article 2 The term "real estate development and operation" as mentioned　in these Regulations refers to the behavior of real estate development enterprises to carry out infrastructure construction and housing construction on state-owned land within urban planning areas, and transfer real estate development projects or sell or lease commercial housing. [...]
Chapter II Real Estate Development Enterprises
Article 5　To establish a real estate development enterprise, in addition to meeting the enterprise establishment conditions stipulated in relevant laws and administrative regulations, the following conditions shall also be met:
(1) Having a registered capital of more than 1 million yuan;
(2) There are more than 4 full-time technical personnel holding qualification certificates in real estate and construction engineering, and more than 2 full-time accounting personnel holding qualification certificates.
The people's governments of provinces, autonomous regions, and municipalities directly under the Central Government may, according to their local actual conditions, make regulations higher than the preceding paragraph on the registered capital and professional and technical personnel requirements for establishing real estate development enterprises.
Article 6 The establishment of a real estate development enterprise with foreign investment shall not only comply with the provisions of Article 5 of these Regulations, but also comply with the provisions of foreign investment laws and administrative regulations.[...]" (Regulations on Urban Real Estate Development and Operation Management, Order No. 248 of the State Council of the People's Republic of China of 20 July 1998, as amended [google translation])
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"State Council: In order to promote the stable and healthy development of the real estate market, with the approval of the State Council, it is decided to review the "Opinions on Regulating the Access and Management of Foreign Investment in the Real Estate Market" (Jianhou [2006] 171 No.) to adjust some of the policies concerning foreign-invested real estate enterprises, overseas institutions, and individuals purchasing houses. The relevant matters are hereby notified as follows: 1. The ratio of the registered capital of foreign-invested real estate enterprises to the total investment shall be in accordance with the "State Administration for Industry and Commerce's Regulations on Sino-
foreign Joint Ventures" The Interim Provisions on the Ratio of Registered Capital and Total Investment of Operating Enterprises (Shanghai Qizi [1987] No. 38) shall be implemented.
2. Cancel the requirement that foreign-invested real estate enterprises must pay in full the registered capital for domestic loans, overseas loans, and foreign exchange loan settlements.
3. Branches and representative offices established by overseas institutions in China (except enterprises that have been approved to engage in real estate business) and overseas individuals working and studying in China can purchase commercial houses for self-use and self-occupation that meet actual needs. For cities that implement housing purchase restriction policies, overseas individuals should comply with local policies when purchasing houses.[...]" (Notice of the Ministry of Housing and Urban-Rural Development and other departments on adjusting the relevant policies on the access and management of foreign capital in the real estate market,  Jianfang [2015] No. 122 [google translation] )
Notice on Further Regulating the Management of Overseas Institutions and Individuals Purchasing Houses, Jianfang [2010] No. 186 [google translation]
Opinions of the Ministry of Construction of the People's Republic of China, the Ministry of Commerce, the National Development and Reform Commission, the People's Bank of China, the State Administration for Industry and Commerce, and the State Administration of Foreign Exchange on Regulating the Access and Management of Foreign Investment in the Real Estate Market, Jianfang [2006] No. 171 [google translation]
Regulations on Urban Real Estate Development and Operation Management, Order No. 248 of the State Council of the People's Republic of China of 20 July 1998, as amended [google translation] 
Notice of the Ministry of Housing and Urban-Rural Development and other departments on adjusting the relevant policies on the access and management of foreign capital in the real estate market,  Jianfang [2015] No. 122 [google translation]
[<a href="https://www.safe.gov.cn/safe/2010/1115/5472.html">Notice</a>],[<a href="https://www.safe.gov.cn/safe/2006/0711/5467.html">Opinion</a>],[<a href="http://www.gov.cn/zhengce/2020-12/26/content_5574296.htm">Reg</a>],[<a href="https://resourcehub.bakermckenzie.com/en/resources/global-corporate-real-estate-guide">Other</a>],[<a href="http://fgcx.bjcourt.gov.cn:4601/law?fn=chl523s562.txt">Notice</a>]