
Foreign RMB funds to be classified as overseas entities
China’s National Development and Reform Commission (NDRC) has decreed that all the capital in renminbi-denominated funds raised by foreign PE firms must come from local investors if they are to be considered domestic entities. Failure to comply means the funds will be treated as foreign and therefore be subject to the same investment restrictions applied to US dollar vehicles.
The central government's clarification of the rules came in a response to an inquiry submitted by the Shanghai authorities that specifically cited concerns about the status of a vehicle run by The Blackstone...
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