Asia housing and property

Asia housing and property

Latest news and analysis about housing and property in Asia, covering sales, market outlook and investment trends, policies related to affordability and foreign ownership, and the performance of devel

opers.

Sham divorces are driving up China’s overheated property market
Local and regional Chinese governments are cracking down on couples file for “fake divorces” to buy multiple homes. In China, families are restricted by rules that limit the number of homes they can own – a number that varies between major cities. However, resourceful residents keen to buy into residential investment opportunities have started filing for divorce as a tool to circumvent the restrictions. In Shanghai, a person with a hukou, or permanent residency, is legally entitled to buy two properties at most. Those without permanent residence can only buy one. But for years, crafty couples have been faking divorces to take advantage of the city’s first-time homebuyer scheme, which allows
Giant buddha rediscovered in China with a high rise apartment built on top of it
A large headless statue of Buddha was discovered in southwest China last week – and it was used to prop up a high-rise apartment building. It is currently unknown when the statue was built, with rumors circulating that it is almost 1,000 years old. Professionals were unwilling to date the statue at this point. The Buddha, which was discovered in the city of Chongqing, is nearly 30ft tall and is built on the surface of a cliff that is extremely difficult for the public to access. Earlier last week, officials removed dead tree leaves and household trash from the structure. With leaves cleared from it, it enabled residents – for the first time - to see the historic statue that was literally und