A Chinese national, Zhan Guotuan, has been fined S$45,000 for flouting property ownership regulations in Singapore. Zhan was accused of authorizing Singaporeans to act as nominees in the purchase of landed properties on the East Coast, valued in the millions.
The verdict was delivered on Thursday by District Judge Kok Shu-En after Zhan pleaded guilty to one charge. He reportedly absconded after being initially charged. The fine has since been paid.
Foreigner Property Ownership Restrictions
Singapore enforces regulations on foreign ownership of landed residential property. Under the Residential Property Act, foreign nationals must obtain approval from the Singapore Land Authority (SLA) before purchasing such properties. The law also prohibits Singapore citizens or approved purchasers from acting as nominees for foreigners in property transactions.
Case Details
Zhan was found guilty of authorizing a Singapore-registered company, Hwampoa, to purchase an East Coast Road property with the intention of holding it in trust for him. Three other charges against Zhan were taken into consideration during sentencing.
Importance of the Case
This case highlights Singapore’s efforts to maintain a balance in its property market. The regulations aim to ensure a level playing field for Singaporean citizens and permanent residents while safeguarding national interests. The hefty fine serves as a deterrent against similar violations in the future.
