两名政府高层消息人士4月20日对路透表示，印度确保对来自邻国公司的投资进行审查，特别是在冠状病毒疫情期间的新规将适用于香港。

印度4月18日表示，来自与该国接壤国家的外国直接投资，需要事先获得政府批准，以阻止在大流行期间的“机会主义”收购和兼并，但它几乎没有透露其它细节。

虽然此举被视为针对中国公司，但令律师、投资者和企业高管感到困惑的是，该规定是否适用于香港特别行政区。

鉴于香港的市场专长和巨大的资金流动性，中国投资的很大一部分是通过这个亚洲金融中心进行的。

起草该政策的印度工业部没有立即回复要求置评的电子邮件。

两名印度政府官员对路透表示，该政策将被解读为覆盖宽泛的范围，不会对中国内地和香港的投资做出任何区分，并表示将以同样的方式审查来自两地的资金流入。

“如何看待香港投资是常识，与来自中国的投资没有什么不同，”一位官员表示。这些官员参与了印度投资政策的制定。

印度政府数据显示，2000年4月至2019年12月，来自中国内地的外商直接投资为23亿美元，来自香港的外商直接投资为42亿美元。

India foreign investment rules aimed at China to include Hong Kong

New Indian rules to ensure scrutiny of investments from companies based in neighbouring countries, especially during the coronavirus outbreak, will also apply to Hong Kong, two senior government sources told Reuters on April 20th.

India said on April 18th that foreign direct investments from countries with which it shares a land border would require prior government approval to deter “opportunistic” takeovers and acquisitions during the pandemic, but it gave few other details.

While the move was seen aimed at Chinese firms, it caused confusion among lawyers, investors and business executives on whether it would apply to Hong Kong, a special administrative region in South China that enjoys a measure of autonomy under a “one country, two systems” policy agreed at the time of its 1997 handover from Britain.

A substantial part of Chinese investments is routed through the Asian financial centre given its market expertise and deep pool of liquidity.

India’s industries ministry, which drafted the policy, did not immediately respond to an email seeking comment.

Two Indian government officials told Reuters the policy will be interpreted in a broad manner and will not make any distinction between China and Hong Kong investments, saying inflows from both will be scrutinised in the same manner.

“It’s common sense how Hong Kong investment should be taken. Investment from there is no different to China,” said one of the officials. The officials have been involved in the framing of India’s investment policies.

Indian government data showed that between April 2000 and December 2019, foreign direct investments from China stood at $2.3 billion and $4.2 billion from Hong Kong.

The Chinese Embassy in New Delhi said on Monday the rules were against free and fair trade and “Chinese investment has driven the development of India’s industries”. It said China’s cumulative investment in India exceeds $8 billion.

Some experts believe the total investment coming through Chinese entities is far higher as it is routed through multiple jurisdictions.

The new rules govern entities located in a country that shares a land border with India and will be applicable even if the “beneficial owner” of an investment is from those nations. Such investments will require a government approval, the rules said, meaning they can’t go through a so-called automatic route. The rules did not name China or Hong Kong.

India has land borders with China, Pakistan, Bangladesh, Myanmar, Nepal and Bhutan.

Three government officials, including the first two, also clarified the new rules of scrutiny would apply to foreign direct investments in greenfield projects.

“There is no sunset clause for the rules,” the first government official said about the timeframe of the policy, adding that it would be used “in the widest possible way”.

POLICY CONCERNS

The new rules are seen slowing down investment timelines and straining Indian startups that get regular funding from major Chinese companies, especially when the coronavirus outbreak has already hit them hard.

Indian digital payments firm Paytm, online grocer BigBasket and e-commerce company Snapdeal all have been funded by China’s Alibaba.

China’s Bytedance has plans to invest $1 billion in India, while automakers including Great Wall Motor Co Ltd and MG Motor, a unit of China’s SAIC, have said they intend to invest millions.

India took the decision after several local industry groups flagged concerns around Chinese inflows during the spread of coronavirus that had made some Indian businesses more vulnerable to takeovers, a fourth person familiar with the thinking said.

Several ministries, including India’s foreign affairs department, then pitched for changes and studied similar restrictions that had been imposed by countries such as Germany and Australia, the source added.

A lawyer who advises Chinese investors told Reuters on Monday that his clients were concerned by the rules and there was a plan this week to seek clarifications on the policy.

“A lot of companies who had finalised their investments are shocked; this injects a lot of uncertainty,” said the lawyer.