China’s NDRC Issued Answers to FAQs on Outbound Investment, Clarifying the Application Scope of Sensitive Projects
摘要
In June 2018, the National Development and Reform Commission (“NDRC”) released the Answers to Frequently Asked Questions Concerning Outbound Investment by Enterprises (“Answers to FAQs”) on its official website, providing clarification to 61 frequently asked questions regarding the application of the new Administrative Measures for Enterprise Outbound Investment (“Regulation No. 11”). It’s particularly worth noting that, the NDRC made restrictive interpretations with respect to the scope of sensitive projects.According to the Answers to FAQs, outbound investments in sensitive industries like “real estate”, “hotel” and “setting up offshore equity investment funds or investment platforms without specific underlying industrial projects” will not be categorized as sensitive projects and therefore is not subject to the NDRC’s verification procedures for outbound investment, provided that “they do not involve commitment of domestic assets or interests or provision of onshore financing or guarantee and the entire capital is raised from overseas.” However, if such investment involves commitment of domestic assets or interests or provision of onshore financing or guarantee, they would still fall into the category of sensitive projects which are subject to the NDRC’s verification procedures.
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