Regulator denies restricting overseas remittances of Wanda Group

Updated 2017-09-20 13:30:53 Global Times

Chinese regulators have neither imposed limits on the "authentic and legal" capital remittance by property developer Dalian Wanda Group nor restricted domestic banks from offering overseas loans to the company, the Reuters (Chinese service) reported on Wednesday, citing a statement from the State Administration of Foreign Exchange (SAFE).

"After overseas projects being approved and registered with relevant departments, Wanda can proceed with overseas capital remittance at banks according to relevant rules. The group can also register for overseas loans issued by domestic banks at local foreign exchange bureau," SAFE said in a response to the Reuters.

Wanda refused to comment when contacted by the Global Times on Wednesday.

China has always supported capable domestic companies' "legal and authentic" overseas investment, and encouraged them to be involved in the construction of the Belt and Road initiative as well as participate in the global capacity cooperation, SAFE noted.

The foreign exchange regulator will cooperate with other government bodies to strengthen supervision on overseas investments that are "not allowed or restricted" under relevant regulation. Meanwhile, it will also crack down on practices that violate the law so as to foster the sound development of overseas investment, said the report.

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