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Economy

Watching and waiting for China's capital-control-induced bubble

With few outlets, domestic pool of money getting frothy

SHANGHAI -- Anyone in mainland China with a lot of money to move -- companies foreign or domestic, or individuals -- now seems likely to run into the capital controls that the authorities have thrown up in hopes of stopping a sell-off in the currency.

Real estate tycoon Pan Shiyi has given up on selling the Hongkou Soho, a striking Shanghai office tower whose tenants include Japanese electronics group Panasonic. Located just north of the Bund, the city's iconic waterfront, the building was designed by Japanese architect Kengo Kuma. Pan had been looking to invest proceeds from the sale overseas but sees little hope of gaining approval for that.

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