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Capital controls hold back Chinese developer

Capital controls hold back Chinese developer

The head of Chinese real estate developer Guangzhou R&F Properties, which has announced plans to invest $3 billion into a new luxury hotel in the Kingdom, has asked Chinese authorities to fast track its approval process for moving cash out of the mainland, according to a report yesterday in the South China Morning Post.

Zhang Li, founder and co-chairman of Hong Kong-listed firm, was quoted as saying that the project was a special case under China’s “One Belt, One Road” initiative.

“Current capital controls are too tight,” he said. “We will repatriate the money back to China if we make a profit outside.” Li previously met Royal Group’s Kith Meng to discuss developing a “six star” hotel in Phnom Penh or Sihanoukville.

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