New rules that prohibit mainland Chinese residents from converting yuan into foreign currencies for overseas property purchases are unlikely to derail the rising interest in purchasing overseas homes -- nor have a meaningful impact on foreign home transactions, according to experts.

While the curbs may deter some buyers, market watchers say investors will continue to find ways around the controls amid rising demand for offshore real estate. Mainland Chinese have emerged as a major force in the global property market in the recent years. They have also been active in other markets, such as Hong Kong, Japan and Australia.

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China steps up scrutiny on individual forex purchases in the new year. But the restrictions could be a blow to the Southeast Asia property market, such as Malaysia and Thailand, as properties there have attracted attention from less affluent Chinese buyers. Market insiders say transactions may slow down amid the tightened money transfer policy, but Chinese demand for overseas properties was likely to continue.

China may tighten capital controls as yuan outflow continues. But mainland investors have tapped policy loopholes such as pooling the quotas of family and friends, or utilised underground banks to transfer money abroad.

He added that some banks in the US are extending loans to mainland Chinese buyers. Potentially, this could imply that the amount of foreign currency required is going down. Skip to main content. South China Morning Post Edition: International Hong Kong International. Jobs Events Education Courses Newsletters. Main menu Home China HK Asia World Comment Business Tech Life Culture Sport Week in asia Post Mag Style. Effects of insider trading in the stock market China Morning Post Main menu China HK Asia Stock market app for blackberry Comment Business Tech Life Culture Sport Week in asia Post Mag Style.

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Buyers shrug as China tightens forex rules for overseas property binge. Monday, 02 January,9: Tuesday, 03 January,9: Related topics Yuan International Property.

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