This is not good. Via the AFR:
China has introduced jail terms for operators of “underground banks” illegally helping tens of thousands of its citizens transfer money out of the country to buy property overseas, in a move developers warn is a big blow to Australia’s real estate market.
China’s Supreme Court quietly introduced stiff penalties for illegal currency exchanges at the start of the month, in a further effort to stop capital from leaving the country. China’s leaders want to prop up the slowing economy, stimulate the local property market and prevent a further sell-off in the domestic stockmarket.
