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China’s FX regulator joins fight to shut problematic offshore M&A

来源:FT中文网    2017-08-03 08:02

        Beijing is investigating fraudulent declarations of domestic assets made to obtain overseas loans, regulators said on Wednesday, as part of a broader crackdown on capital outflows.        监管者周三表示,北京方面正在调查虚报国内资产以获得海外贷款的做法。此举是打击资本外流全面行动的一部分。
        But the forex regulator took pains to reassure that the common practice of pledging domestic assets against loans issued by Chinese banks’ overseas branches for trade or investment — known in Chinese as neibao waidai — was still legal as long as borrowers complied with regulations.        但是,外汇监管机构煞费苦心地保证,只要借款人遵守相关规定,以境内资产为抵押、获得中资银行境外分行的贷款用于贸易或投资的通行做法仍然是合法的。
        The State Administration of Foreign Exchange said on Wednesday it would “guide financial institutions to step up compliance management and risk control of neibao waidai and to severely crack down on fake or malicious collateral”. It denied it was targeting any companies.        中国国家外汇管理局(SAFE)周三表示,它将“指导金融机构加强内保外贷业务的合规管理和风险管理。严厉打击虚假担保和恶意担保等违规行为”。该机构否认其针对任何公司。
        The use of inflated values on the collateralised assets — which might include pledged equity shares — increases the risk that Chinese banks will be left holding the bag in the event of a default.        虚报担保资产(包括质押股票)的价值,会增加违约情况下中资银行承受损失的风险。
        In some “malicious” cases companies defaulted on loans overseas as part of scheme to move money out of the country, Chinese lawyers said. Other examples include lawsuits overseas where a plaintiff and defendant collude in lodging a suit, with the intention of moving the settlement money abroad.        中国一些律师表示,在某些“恶意”案件中,企业在境外贷款上违约,作为将资金转移出境计划的一部分。其他例子包括原告和被告勾结,在境外提起诉讼,目的是将和解款项转移到境外。
        Regulators have allowed Chinese companies to use onshore collateral for offshore acquisitions for several years. However, in line with a broad attempt to staunch capital outflows late last year following a record year for M&A, companies were required to seek additional approvals from the regulators for these types of transactions.        监管机构允许中国企业利用境内抵押物进行境外收购已有好几年。然而,在经历了境外并购创纪录的一年后,官方从去年末开始采取全方位努力遏止资本外流,这意味着从事这类交易的企业必须寻求监管机构的额外批准。
        In June, China’s bank regulator ordered domestic lenders to assess the “systemic risk” presented by “some large enterprises” involved in overseas buying sprees.        6月份,中国银行业监管机构责令国内银行评估参与境外收购热潮的“部分大企业”所带来的“系统性风险”。
        Three people involved in Chinese cross-border transactions said the review by the banking regulator has been broadened to include more financial and monetary watchdogs such as Safe and NDRC.        参与中资跨境交易的三名人士表示,由银监会(CBRC)进行的审查工作已经扩大,有更多的金融和货币监管机构参与,如外管局和发改委(NDRC)。
        Given the complex and changing nature of the neibao waidai arrangement, one person familiar with how the regulator operates said: “It’s not surprising to see Safe reviewing its role in this now.”        熟悉监管机构操作方式的一名人士称,鉴于内保外贷安排复杂且不断变化的特性,“外管局现在重审它在这方面的作用并不奇怪”。
        Safe said in response to queries: “Growth of neibao waidai is stable and it is developing healthily.”        外管局在回答询问时表示,内保外贷增长稳定,正在健康发展。
        One London-based banker said: “The main focus is whether domestic collateral was used to get loans overseas. Another aim is to find out whether shadow finance was used to buy the assets that were used as collateral.”        常驻伦敦的一名银行家表示:“主要焦点是国内抵押物是否被用于获得境外贷款。另一个目标是查明影子金融是否被用于购买用作抵押物的资产。”
        The bank regulator’s June action was seen as targetingAnbang, the insurer, Dalian Wanda, the property group, HNA, the airline to banking conglomerate, and Fosun, the consumer conglomerate.        银监会在6月份采取的行动被视为针对保险商安邦(Anbang)、房地产及娱乐集团大连万达(Dalian Wanda)、经营范围涵盖航空公司和银行业务的综合企业集团海航(HNA),以及消费者集团复星国际(Fosun International)。
        The proportion of Fosun’s overseas loans using domestic collateral is “under 1 per cent”, a Fosun spokesman said, adding that it is a “normal means of financing” for companies. Anbang, HNA and Wanda declined to comment.        复星的一名发言人表示,该公司利用境内抵押物获得的境外贷款比例“不到1%”,并补充称,这种做法是企业的“正常融资方式”。安邦、海航和万达拒绝置评。
        The four companies have taken drastic measures to allay concerns over the sustainability of the overseas empires they have built up during the past five years.        这四家公司已采取大刀阔斧的措施来减轻外界的担忧,即它们在过去五年打造的境外商业帝国是否可持续?
        Wanda announced a massive sell-off of domestic assets to a rival property developer. HNA reconfigured its shareholding structure in recent weeks to include a New York-based non-profit that it says may ultimately hold its founders’ shares.        万达宣布向一家房地产开发商出售大量境内资产。海航在近几周重组其股权结构,股东名单中增加了一个在纽约注册的非营利组织,称该组织最终可能持有各位集团创始人的股份。
        Talk of probes has been mixed with rumours the companies have been unable to initiate purchases or close deals, which the companies have taken pains to deny.        在据称受到调查的同时,有传言称,这些公司已无力发起收购或完成交易,而这些公司煞费苦心地否认这类说法。
        Anbang, whose founder and chairman has been detained since June, denied reports that it is being asked to sell some of its overseas assets. “At the moment, Anbang has no plans to sell its overseas assets. Currently all Anbang businesses and operations are normal; it has enough cash and is sufficiently solvent,” the company said.        安邦创始人兼董事长自6月被带走以来一直未能重获自由。该公司否认有关其被要求出售一部分境外资产的报道。“安邦目前没有出售海外资产的计划。目前安邦的各项业务和运营一切正常,有充足的现金和充裕的偿付能力,”该公司表示。
        Additional reporting by Archie Zhang and Yuan Yang in Beijing        张祺(Archie Zhang)和杨缘北京补充报道

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