China has slapped a ban on investing in gambling businesses abroad for its nationals.
The Chinese business people have invaded different parts of the world, where among other businesses they have invested in gambling.
However, the State Council, which is the cabinet for China, has banned any investments in gambling by its nationals abroad.
The dragon authorities have also moved to curb domestic companies’ investments abroad in property, sports, entertainment and other fields.
According to AP, a news agency, a document has been released on Friday spelling out the brakes on a string of foreign acquisitions, citing concerns that the companies involved may be taking on too much debt.
Chinese businesses have been involved in a series of high-profile, multibillion-dollar acquisitions.
One of those conglomerates, Wanda Group, became the world’s biggest cinema operator with its purchase of U.S. chain AMC. It added rival Carmike Cinemas Inc. last year in a $1.2 billion deal.
The Cabinet document limits overseas investments in areas such as hotels, cinemas, the entertainment industry, real estate and sports clubs.
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