A loan worth nearly $2bn from China Development Bankto help fund an ambitious San Francisco housing project is being delayed as a result of Chinese concerns about the impact of tax policies in the US, according to a person familiar with the situation.
The measures include the controversial Foreign Accounts Tax Compliance Act (Fatca), which comes into effect in 2014 and could force foreign banks to pay a 30 per cent withholding tax on the interest income on any loans made to US entities or persons.
“They need to clarify the implications of these regulations before they approve the loan,” said the person.
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