To a foreigner as a private individual, one apartment to be used to live on, can not legally rent it out.  If the foreigner forms and registers a Wholy Own Foreign Corporation (WOFC), then he can buy thru it more than one, and rent them out.

To Chinese nationals, all you can afford to have.

And I am assuming that by "property" you mean real estate property.

For citizens, it's no problem, although the down payment becomes significantly higher, but then again most of them buying up real estate of no problem paying the entire sum. As a foreigner married to a Chinese citizen, be wary, you have no rights to the property upon divorce unless you put your name on the dotted line