China plans to cut off Wanda fund­ing

Muscat Daily - - BUSINESS -

China plans to squeeze Wang Jian­lin’s con­glom­er­ate Wanda by cut­ting off new loans and reg­u­la­tory ap­provals for deals, re­ports said on Mon­day, pun­ish­ing it for breach­ing Chi­nese re­stric­tions on over­seas in­vest­ments.

The reg­u­la­tory re­tal­i­a­tion marks a ma­jor set­back for a for­merly fast-ex­pand­ing com­pany that was among the most ag­gres­sive play­ers in a flood of ac­qui­si­tions around the world by Chi­nese com­pa­nies but is now scram­bling to slash debt.

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