China blocks Dalian Wanda from completing overseas deals
CHINA Chinese banking regulators have ordered the nation's big banks to put the brakes on loans to property giant Dalian Wanda Group, the Wall Street Journal reported yesterday.
China's banking regulators met with executives of the country's big state-owned banks on June 20 and advised them that Dalian Wanda's foreign acquisitions were subject to the capital restrictions imposed by the government last year, the journal reported, citing a document from one of the participating banks.
Dalian Wanda could not be reached for comment.
Reuters reported last month that China's banking regulator had ordered a group of lenders to assess their exposure to offshore acquisitions by some companies that have been on an overseas buying spree.
Dalian Wanda has purchased a slew of cinema assets globally, acquiring AMC Entertainment Holdings Inc in the US and taking a controlling stake in US film studio Legendary Entertainment last year. - REUTERS