China’s capital flight crackdown shifts to the mighty

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Via Caixin:

(Beijing) — China’s banking regulator has recently asked lenders to assess their credit-risk exposure to companies active in overseas acquisitions, sources close to the regulator told Caixin, as the country continues to curb a shopping spree that led to a record capital exodus last year.

The China Banking Regulatory Commission said the risk assessment includes Anbang Insurance Group Co., HNA Group, Fosun Group, Wanda Group, and the unit of Sino-Europe Sports Investment Management Changxing Co. that recently acquired Italy’s AC Milan soccer team, the sources said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.