Citic turns down buyers seeking dollars as bridging finance
Firms seeking overseas buys wrestle with rules for preventing capital flight
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Zhengzhou
CHINESE companies seeking overseas acquisitions increasingly covet offshore dollar funds as capital controls make it hard for even state-controlled investment firms to finance deals with domestic resources.
Citic Capital Holdings Ltd, the alternative-investment arm of China's largest state-owned conglomerate, has been rejecting requests from firms asking to use its dollars as a bridge for buying assets, chairman Zhang Yichen said in an interview on Saturday.
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