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100 bil city dream at an impasse

Friday, June 23, 2017 • Tamil Comments
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As China's attempts to limit capital leaving the country, work for $100 billion city rising from the sea next to Singapore is facing a roadblock. The project is mostly funded by Chinese capital and now the resources have dwindled. Those who have already invested huge sums are facing a dilemma.

The Chinese government allows a maximum of $50,000 per citizen as annual foreign exchange and, since last December, has asked that for those who foreign exchange buyers to sign a pledge stating that the money won`t go into offshore property. The government also said that anyone found violating this rule would be added to a watch list and subsequently, denied access to foreign currency for a period of three years. Violators will also be subject to a money-laundering investigation.

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