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Tightening of outbound capital from China

With key headlines in the last few weeks with regards major Chinese developers & conglomerates having their wrists slapped by the Chinese government for their overseas acquisitions, what does this mean for outbound capital?

We have seen in recent days and weeks the likes of Wanda, HNA, Anbang Insurance and other Chinese companies come under increasing scrutiny and regulatory pressure.  In some cases access to funding has been curtailed with restrictions on what can be done with certain overseas assets and with their banks being given specific instructions to stop funding these transactions.   In short, certain groups may re-focus their investment strategy more within their own boundaries and also in Hong Kong.  We will also see companies following President Xi’s Belt and Road initiatives continuing to do business, especially for the SOEs with specific mandates.

Chinese outbound investment into sports, property, entertainment and some other sectors may be affected.  While we will see those deals with Chinese regulatory approval continue to go abroad, the scrutiny the overseas deals attract may dissuade other Chinese investors from wanting to do the same.   The next 6-12 months will be in key for this sector, and it will be good to monitor opportunities and real estate prices in some of the key gateway cities which have seen major transactions from Chinese buyers.

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