Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon
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China's escalating crackdown on capital outflows is sending shudders through property markets around the world.In London, Chinese citizens who clamored to purchase flats at the city's tallest apartment tower three months ago are now struggling to transfer their down payments. In Sydney, developers are facing "big problems" as Chinese buyers pull back, according to consultancy firm Basis Point.Even with tightened capital controls, brokers say motivated Chinese investors can usually find ways around them.Just before Christmas, he sold a multimillion dollar home to Chinese citizens who had moved money to Australia before the clampdown.Still, broad measures of China's capital flight suggest government curbs were having an effect even before SAFE's Dec. 31 rule changes.Offshore payments in yuan have also moderated, while the currency has strengthened 1.2 percent against the dollar since touching an eight-year low on Dec. 28 .
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