China’s ‘irrational’ crackdown to hit property market

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”.


Dalian Wanda a fortnight ago began restructuring its business, which includes two $1 billion Australian apartment projects at Circular Quay in Sydney. Photo: Supplied

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