On November 11, the Ministry of Commerce and the State Administration of Foreign Exchange of China announced to further simplify the management of foreign-invested real estate enterprises, requiring that the local departments of commerce at different levels shall approve the establishment and registration change of foreign-invested real estate enterprises in accordance with the laws and regulations on foreign investment and other relevant regulations and shall make reports on the real estate projects in accordance with related requirements, and the procedures for recording and public announcement on the website of the Ministry of Commerce will be cancelled.

 

The Ministry of Commerce said that the foreign-invested real estate enterprises may go through the foreign exchange registration procedures under the foreign direct investment projects at the banks in accordance with relevant administrative regulations after finishing the procedures mentioned  above. It will conduct a random inspection on these enterprises each quarter.

 

In case of any illegal behaviors discovered during the inspections, the Ministry of Commerce will expose them and impose corresponding punishments. For the departments involved in the violations, it will circulate a notice of criticism throughout the administrative system of commerce; the enterprises and investors involved will be punished by law and added to the blacklist, and related announcement will be made on the website of the Ministry of Commerce.

 

Source: Translate from Invest Guangzhou, November 13, 2015