Business
21:02, 18-Aug-2017
China to limit overseas investments in real estate, hotels, sports
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China is moving to limit overseas investments by domestic companies in fields including property, hotels, entertainment, sports clubs, and the film industry.
A document released Friday by the State Council, China's cabinet, was the latest move by regulators to tap the brakes on a string of "irrational” foreign acquisitions.
It also bans overseas investments in gambling enterprises outright.
VCG Photo
VCG Photo
The government will push for investments related to its Belt and Road Initiative and those conducive to the country's industrial upgrade, according to the document.
"Profound changes are taking place in international and domestic situations, and Chinese enterprises face not just relatively good opportunities but also various risks and challenges in overseas investments," said the statement.
China’s outbound investment slumped 44.3 percent in the first seven months from a year earlier as policy makers imposed limits on companies’ foreign acquisitions following a record spending spree in 2016.