January 17, 2017— Chinese firms invested $33 billion in overseas properties in 2016, marking a 53 percent rise from the previous year, property services and investment management firm Jones Lang Lasalle (JLL) said on Tuesday.
The strong rise in overseas property investment has alarmed Chinese authorities and they have stepped up measures to stem capital outflows in the face of a weakening currency. The yuan lost around 6.6 percent against the dollar last year and is now at more than eight-year lows.
The State Administration of Foreign Exchange (SAFE) has begun vetting transfers abroad worth $5 million or more and is increasing scrutiny of major outbound deals – even those with prior approval, sources with knowledge of the new rules told Reuters in November.[button href=”http://www.reuters.com/article/us-china-economy-property-idUSKBN151232″ style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]READ MORE ON REUTERS[/button]