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Real estate, hotels, cinema, the entertainment industry and sports clubs have been listed in the newly released “Directory of Foreign Investment Sensitive Industries,” along with setting up overseas equity investment funds or platforms without specific industrial projects, which are also considered to be “sensitive,” China Times reported.

The document will take effect on the first day of March.

Yan Yuejin, director of the think tank at the Shanghai E-House Real Estate Research Institute, worries that such bad news could lead to a decline in the stock market.

“The restrained sectors including hotels, cinemas, entertainment, sports clubs are all linked with the commercial real estate business,” said Yan, “thus, real estate enterprises should be vigilant in a timely manner.”

However, statistics released by the National Bureau of Statistics show that overseas investment in real estate, as well as sports and entertainment, witnessed a drastic drop in 2017 following a year-on-year decrease of 82.1% and 82.5% respectively.

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