Beijing: The Chinese government has officially put the brakes on Chinese companies pouring big money into overseas property development, issuing rules likely to have a significant impact in Australia.
China’s State Council, or cabinet, issued the first rules on overseas investment by Chinese companies on Friday.
A new banned list includes casinos and defence technology, while overseas property development and hotels are classified as “restricted”.
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Dalian Wanda a fortnight ago began restructuring its business, which includes two $1 billion Australian apartment projects at Circular Quay in Sydney. Photo: Supplied