China M&A clampdown kills Jardines' HK hotel sale

The trading house's scrapped sale of a hotel on Hong Kong's storied Lot No. 1 shows Beijing's efforts to curb M&A in its targeted sectors are kicking in.

The Mandarin Oriental International has scraped its planned sale of Hong Kong hotel, The Excelsior, putting a dampener on a record-breaking run of property deals in the financial hub.

The luxury hotelier, part of conglomerate Jardine Matheson, said bids for the four-star hotel had either not met its expectations or did not meet with its transaction requirements, according to a statement on Wednesday.

Beijing’s efforts to curb capital outflows by clamping down on cross-border deals nixed the deal, according to a person familiar with the matter.

Mainland Chinese property developers either struggled to convince Jardines that they could move the money offshore in a...

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