3.2.3 Real Estate-related Legislation
As explained in section 15.1 (Foreign Ownership of Land), foreigners, including companies with more than 49% of their total shares held by foreigner(s), are prohibited from owning land pursuant to the Land Code. Apart from this restriction in the Land Code, foreigners (pursuant to the definition prescribed in the FBA) are restricted from conducting real estate development-related businesses, as follows: