China to Punish Wanda for Breaching Investment Rules

Peace and Freedom

Bloomberg

July 17, 2017, 2:11 AM EDT July 17, 2017, 2:48 AM EDT
  • Government is scrutinizing six Wanda deals, people say
  • Move is unprecedented setback for one of China’s richest men

China plans to punish billionaire Wang Jianlin’s Dalian Wanda Group Co. for breaching the nation’s restrictions on overseas investments by cutting off funding and denying the conglomerate with necessary regulatory approvals, according to people familiar with the matter.

The government has found violations of China’s restrictions in six investments, four of which have been completed and two are still pending, according to the people, who asked not to be identified because the matter is private. The deals being scrutinized include a Wanda unit’s purchase of Nordic Cinema Group Holding AB and Carmike Cinemas Inc., the people said, without identifying the remaining transactions.

Wang Jianlin

Photographer: Jason Alden/Bloomberg

A Wanda representative declined to comment. China’s banking regulator didn’t immediately respond to…

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