SHENZHEN Land Bureau is considering new regulations aimed at boosting the sluggish property market and preventing tax evasion.
Despite the introduction of new rules last year, ''there are still many loopholes in our property regulations,'' said a senior bureau official, who spoke to China Business Review on condition of anonymity.
He claimed many flats were secretly sold and rented. This meant that not only was the government kept in the dark about deals, but it also lost out on duties from transactions.
In a bid to boost the market, the bureau is looking at plans to open it up to a wider group of potential buyers and introduce tougher controls on its development.
Limits on the number of foreign investors may be relaxed.
At present, only 10 per cent of flats and 15 per cent of commercial units are for sale to foreigners.