China City Construction (International) is forced to sell the waterfront residential site in Ma On Shan that it won in a 2014 government tender after encountering financial difficulties to proceed with construction amid Beijing’s tightened controls on capital outflows.
The transaction, considered a rare case in reselling government land, was only revealed as Wang On Properties confirmed that it had agreed to take over the site.
“The company will make an official announcement when…
Source : South China Morning Post
Read more…Chinese developer forced to sell Ma On Shan site amid Beijing’s tightened capital controls















