1月份中企海外房地產投資同比大降84%

Foreign property investment by Chinese companies plunged by 84 per cent last month, as Beijing’s capital controls choked off the flow of foreign acquisitions.

隨着北京方面採取的資本管制對海外收購交易起到抑制作用，1月份中國企業對海外房地產業的投資額比上年同期下降了84%。

In a bid to curb capital outflows and ease downward pressure on the renminbi, Chinese regulators have imposed a series of new restrictions on outbound dealmaking in recent months. The new curbs came after outbound investment in non-financial assets surged by 44 per cent in 2016 to a record $170bn.

近幾個月，爲了遏制資本外流、緩解人民幣貶值壓力，中國監管機構針對海外併購出臺了一系列新限制措施。2016年，中國企業對外非金融類直接投資額激增44%，達到創紀錄的1700億美元。

The curbs are having an effect. Overall non-financial outbound investment fell 36 per cent in January from a year earlier to Rmb53bn ($7.8bn), the commerce ministry said on Thursday, following a 39 per cent drop in December.

限制措施開始見到成效。中國商務部週四表示，1月份中國企業對外非金融類直接投資金額同比下降了36%，至530億元人民幣（合78億美元）。去年12月的同比降幅爲39%。

The commerce ministry data showing plummeting real estate investment follows an overall 53 per cent rise last year to a record $33bn, according to separate data from JLL, a global realtor.

此前，跨國房地產經紀機構仲量聯行(JLL)的數據顯示，2016年全年，中國對外房地產投資額增長了53%，達到創紀錄的330億美元。

Four government agencies including the commerce ministry and the central bank said in December they would apply tighter scrutiny to "irrational" outbound deals including real estate, hotels, movie theatres, entertainment assets and sports clubs.

去年12月，包括中國商務部、中國央行在內的四個政府部門表示，將收緊對房地產、酒店、影城、娛樂業、體育俱樂部等領域的“非理性”對外投資項目的審查。

The latest commerce ministry figures do not include real estate purchases by individuals, many of whom exploit loopholes in China's capital control regime to obtain foreign currency. But the foreign exchange regulator has recently moved to close such loopholes, notably by tightening control of forex purchases by individuals, who are allowed to exchange $50,000 worth of renminbi for foreign currency each year.

中國商務部的最新數據不包含個人購買的房地產。有不少個人利用中國資本管制體系的漏洞來獲取外匯。但外匯監管機構最近採取措施堵住了此類漏洞，尤其是收緊了對個人購匯的管控——按現行規定，中國公民每年可用人民幣購買等值5萬美元外匯。

While the currency exchange limit has not changed, individuals are now required to disclose specific details on how they will use the funds. Funds can only be used towards current account spending such as tourism and shopping, overseas study, foreign medical care and consulting services. Real estate and other investment spending are explicitly forbidden.

儘管購匯限制並未調整，但監管部門現在要求個人詳細披露到底要用購得的外匯去做什麼。購得的外匯只能用於旅遊和購物、留學、境外求醫以及諮詢服務等經常項目支出。房地產和其他投資性支出屬明確禁止之列。

The disclosure form also warns forex buyers that they are not allowed to exploit others’ exchange quotas. Previously, aggregating quotas from multiple individuals was a common technique that grey-market money changers used to obtain large sums of foreign exchange.

披露表格還警告購匯者不得使用其他人的購匯額度。以前，灰色市場的貨幣兌換者經常把多個個人的購匯額度彙集起來，靠這種手段來獲取大量外匯。