Business, China

Overseas hotels and soccer clubs in crosshairs as China ramps up investment clampdown

Chinese investors will have to get specific approval from Beijing to put their money in overseas property and sports clubs under tough new restrictions released on Friday.

Amid fears of broader financial insecurity, the State Council said companies would also need regulatory approval for outbound investments in hotels, the film industry and other forms of entertainment on its new restricted list.

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Similar restrictions apply for companies setting up equity funds or investment vehicles overseas without specific investment projects.

But the government signalled more strong backing for its new Silk Road strategy and pursuit of high technology.

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The State Council said it would encourage stronger tie-ups with foreign hi-tech and advanced manufacturing firms, and domestic firms setting up research centres overseas.

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