Such policy has no effect on foreigners but it sure affect the Singaporeans... What if they need to downgrade and they can only afford HDB? Sucks...
No idea how they check but i don't believe they can check! Just look at how many fake degree holders they let in and you can judge for yourself. They can't even check properly to know these overseas qualification people declared are fake, how to trust them to check properly overseas property ownership that people don't even declare?
When PRC/Indians say they don't own property in China/India, how are they going to comb the data of these countries' numerous states/cities/towns/provinces/villages etc to confirm? Don't say China/India, i don't think they can even comb Malaysia!
The conclusion is this policy - like the previous single PR can own HDB flat policy - is again biased and favouring foreigners who have it easy to own multiple properties at their home country and HDB at the same time, while Singaporean will not be able to own private property and HDB at the same time in our own country.