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	Under the law, foreigners can buy up to 40 per cent of condominium units.&nbsp;</div>
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	The law also specifies the character of a condominium building: it must have at least six floors on plots larger than 20,000 square feet.</div>
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	The Ministry of Construction shall designate the number of floors, apartments, parking lots, the materials to be used and technical, security and safety measures of the buildings.&nbsp;</div>
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	Khaing Muang Yi, a Lower House MP from Ahlone, said: &ldquo;Condominium owners shall have the shared ownership of both the land and buildings. Those who buy the units will own a proportion of the land and apartment. The owners still have ownership of the land even when the building collapses and they can use the units as loan collateral.&quot;</div>

Myanmar allows 40% foreign ownership in condominiums

Yangon - Myanmar's Union Parliament approved Friday the draft Condominium Law to allow 40-per-cent foreign ownership.