The Forest City project developer will refund money to mainland China buyers following China's tighter policy on capital controls.

"We have completely stopped our (Forest City) sales in China," Country Garden Holdings vice-president Zhu Jianmin is reported as saying by South China Morning Post (SCMP) today.

Zhu said buyers who had made down payments on Forest City properties but are no longer able to transfer the rest of their payments out of China "can cancel the transaction and there is no need to pay for a forfeit fee"...