China Blocks Banks From Financing Dalian Wanda's Foreign Acquisitions

China Blocks Banks From Financing Dalian Wanda's Foreign Acquisitions

China Blocks Banks From Financing Dalian Wanda's Foreign Acquisitions

Bandar Malaysia, the fortune 500 project, is facing grim prospects with the curtailing of the Dalian Wanda Group's loans in China.

The company, owned by billionaire Wang Jinanlin, began as a real estate company but has moved into global acquisitions that include U.S.

The move represents an unprecedented setback for China's second-richest man, who was among the nation's most prominent dealmakers up until past year by gobbling up Hollywood assets, such as Kong: Skull Island producer Legendary Entertainment.

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A planned $1 billion deal to acquire Dick Clark Productions in 2016 fell through after concerns about capital outflows of Chinese capital.

Chinese regulators have ordered local banks to stop loans to property-to-entertainment giant Dalian Wanda Group, according to the Wall Street Journal. Relevant government bodies should not provide support to help Wanda sell its overseas assets to Chinese buyers, according to the bank document. It added that the constriction of funding is a setback for Wang, whose company announced $20 billion in acquisitions since 2016. In an effort to stem capital flight, which was seen as contributing to a devaluation of China's battered currency, the government upped scrutiny of large transactions and instituted various measures to make it more hard for acquirers to shift capital overseas.

The move represents an unprecedented setback for China's second-richest man, who was among the country's most prominent dealmakers up until a year ago.

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According to the people, the four completed deals will be subjected to punitive measures, like no financing from domestic banks; barring of assets being injected into any listed entity in China; barring Wanda from injecting capital into those assets from within China or involving them in any restructuring with any of Wanda's domestic units; and no government approval will be given if Wanda attempts to sell those assets to any Chinese companies.

Last week, it sold a portfolio of tourism projects and hotels to developer Sunac China Holdings 1918.HK for $9.3 billion - a major step back for Wanda's billionaire owner who had said his "wolf pack" of theme parks would beat US rival Walt Disney Co DIS.N .

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