 "RBI on HK citizens acquiring immovable property")
The Reserve Bank of India (RBI) has decided to not allow Macau and Hong Kong citizens to acquire and transfer immovable property in India.
This is because Macau and Hong Kong are the two Special Administrative Regions of China.
RBI had said no citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, without prior permission of the regulator could acquire or transfer immovable property in India, other than a lease not exceeding five years.
This is because Macau and Hong Kong are the two Special Administrative Regions of China.
RBI had said no citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, without prior permission of the regulator could acquire or transfer immovable property in India, other than a lease not exceeding five years.