The Chinese government has eased rules for foreign investment in the country’s property market, state-run news agency Xinhua reported.

The Ministry of Commerce announced the move on Thursday. The goal is to promote a sustainable development of China’s real estate market, stated the Ministry.

It said the government has reduced the amount of registered capital required for foreign-funded real estate enterprises to operate in China. In addition, full payment of registered capital is no longer a precondition for applying for property loans.

The Chinese government also loosened restrictions on the number of house properties or properties for personal use that foreigners and branches of overseas institutions in China are allowed to buy.

Foreign residents were previously only allowed to buy one residential unit in mainland China, and only after having worked there for at least one year.