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A few years ago China clamped down on how much cash a person could send/take out of China or exchange for foreign currency.
It impacted a number of Chinese companies with operations in the U.S., especially Chinese real estate developers like Greenland, and basically eviscerated the EB5 visa market. I had a number of clients cancel deals because they couldn't get their money out of China.
> --a lot of non-Chinese companies immediately backed off on Chinese investments (i.e., factories, etc.)
That meant foreign companies on Chinese investments, not Chinese companies on foreign investments, right?
Annoyingly, if you ask a representative of the Chinese government if such a rule exists (before you have sent money into China), they will tell you no such rule exists, or that the rule doesn't apply to foreign companies. They wait until the money is in China and you try to transfer it out of your bank account to let you know that your company is also subject to these rules.
Several US clients of mine found this out the hard way (a few years ago, before the trade war).
Tech companies like Microsoft fully own their Chinese subsidiary.
