Country Garden shuts China showrooms amid tighter FX controls
Showrooms promoting the developer's Forest City project in Malaysia's Iskandar zone hit
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Shanghai
COUNTRY Garden Holdings Co Ltd said on Friday it has shut some China showrooms that promote its Malaysian Forest City development to adapt to stricter foreign exchange policies and as it looks to diversify its sales strategy for the project.
The closures come as the mainland tightens its grip on moving funds out of the country after the yuan plumbed more than eight-year lows. The tighter rules have created extra challenges for firms or deals relying on Chinese investment.
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