China capital controls cast pall over US$100b city in the sea

Singapore

THE US$100 billion city rising from the sea next to Singapore has hit a roadblock: China's capital controls.

The dream of a Malaysian version of Shenzhen - largely funded by Chinese developers and buyers - with hotels, offices, golf courses, tech parks and thousands of ritzy new apartments, is having to adapt after China's government clamped down on an exodus of money for investment in overseas property.