The Chinese government will place restrictions on foreign real estate investors to curb speculative investment and to slow down the country's soaring property prices, according to a joint circular issued by six Chinese government agencies. The circular, published on the website of the state media agency Xinhua, says that new regulations will mean that foreigners seeking to buy homes in China will not be permitted to do so until they have resided in the country for at least twelve months. This will not apply to Chinese nationals living in Hong Kong, Macao and Taiwan who buy houses for their own use. Under the new regulations, individuals and institutions will be required to establish a company to purchase property that is not intended for their own use. China's largest cities have seen dramatic increases in property prices recently. In Beijing, prices rose 14.8 per cent in the first three months of this year to $860 per square metre, according to the city’s government.