中國外管局加入遏止資本外流努力
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.
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，外匯監管機構煞費苦心地保證，只要借款人遵守相關規定，以境內資產爲抵押、獲得中資銀行境外分行的貸款用於貿易或投資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.
中國國家外匯管理局(SAFE)週三表示，它將“指導金融機構加強內保外貸業務的合規管理和風險管理。嚴厲打擊虛假擔保和惡意擔保等違規行爲”。該機構否認其針對任何公司。
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.
虛報擔保資產（包括質押股票）的價值，會增加違約情況下中資銀行承受損失的風險。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.
中國一些律師表示，在某些“惡意”案件中，企業在境外貸款上違約，作爲將資金轉移出境計劃的一部分。其他例子包括原告和被告勾結，在境外提起訴訟，目的是將和解款項轉移到境外。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.
監管機構允許中國企業利用境內抵押物進行境外收購已有好幾年。然而，在經歷了境外併購創紀錄的一年後，官方從去年末開始採取全方位努力遏止資本外流，這意味着從事這類交易的企業必須尋求監管機構的額外批准。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，中國銀行業監管機構責令國內銀行評估參與境外收購熱潮的“部分大企業”所帶來的“系統性風險”。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.
參與中資跨境交易的三名人士表示，由銀監會(CBRC)進行的審查工作已經擴大，有更多的金融和貨幣監管機構參與，如外管局和發改委(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.”
熟悉監管機構操作方式的一名人士稱，鑑於內保外貸安排複雜且不斷變化的特性，“外管局現在重審它在這方面的作用並不奇怪”。Safe said in response to queries: “Growth of neibao waidai is stable and it is developing healthily.”
外管局在回答詢問時表示，內保外貸增長穩定，正在健康發展。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.”
常駐倫敦的一名銀行家表示：“主要焦點是國內抵押物是否被用於獲得境外貸款。另一個目標是查明影子金融是否被用於購買用作抵押物的資產。”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.
銀監會在6月份採取的行動被視爲針對保險商安邦(Anbang)、房地產及娛樂集團大連萬達(Dalian Wanda)、經營範圍涵蓋航空公司和銀行業務的綜合企業集團海航(HNA)，以及消費者集團復星國際(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.
復星的一名發言人表示，該公司利用境內抵押物獲得的境外貸款比例“不到1%”，並補充稱，這種做法是企業的“正常融資方式”。安邦、海航和萬達拒絕置評。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.
這四家公司已採取大刀闊斧的措施來減輕外界的擔憂，即它們在過去五年打造的境外商業帝國是否可持續？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.
萬達宣佈向一家房地產開發商出售大量境內資產。海航在近幾周重組其股權結構，股東名單中增加了一個在紐約註冊的非營利組織，稱該組織最終可能持有各位集團創始人的股份。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.
在據稱受到調查的同時，有傳言稱，這些公司已無力發起收購或完成交易，而這些公司煞費苦心地否認這類說法。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.
安邦創始人兼董事長自6月被帶走以來一直未能重獲自由。該公司否認有關其被要求出售一部分境外資產的報道。“安邦目前沒有出售海外資產的計劃。目前安邦的各項業務和運營一切正常，有充足的現金和充裕的償付能力，”該公司表示。Additional reporting by Archie Zhang and Yuan Yang in Beijing
張祺(Archie Zhang)和楊緣北京補充報道
