(Yicai Global) Feb. 14 -- Chinese firms continued to restrict their overseas sprees in real estate, sports, and entertainment last month, but their investments in mining projects abroad burgeoned, Beijing Youth Daily reported.
This is the conclusion an official with the Foreign Economic Cooperation Department of the Ministry of Commerce (MOFCOM) drew yesterday while interpreting last month’s foreign investment statistics. Last month saw no new foreign investments in real estate, sports and entertainment, the functionary concluded.
China restricts oversea investment in the parlous real estate, sports and entertainment sectors. Chinese investors bought into 955 overseas companies from 99 countries and regions through non-financial direct investment of USD11 billion last month, up 40 percent annually, in the straight third month tallying active growth in overseas investment.
China’s investment in foreign mines panned out at USD3.8 billion last month, up almost eight-fold from the same time last year. Outlays in leasing and commercial services rose 14 percent annually, and wholesale and retail climbed an annualized 24 percent, while neighborhood services and other services were up almost twofold per year. The month logged 37 new overseas contracts worth over USD50 million apiece, whose total value was USD9.3 billion, the staffer added.