Schumer vows wider probe of Chi­nese Wanda con­glom­er­ate

The Washington Times Daily - - POLITICS - — Ken Shep­herd

In­com­ing Se­nate Mi­nor­ity Leader Chuck Schumer wants the U.S. govern­ment to ex­ert closer scru­tiny of China’s Dalian Wanda Group, an entertainment con­glom­er­ate with ties to the Com­mu­nist govern­ment in Bei­jing, the Wall Street Jour­nal re­ported Thursday.

The Group has been on a buy­ing binge in the past few years, snap­ping up Amer­i­can and Euro­pean movie-theater chains and other entertainment prop­er­ties. Ear­lier this fall, it an­nounced plans to ac­quire Dick Clark Pro­duc­tions, a tele­vi­sion pro­duc­tion com­pany based in Santa Mon­ica, Cal­i­for­nia.

“I am con­cerned that these ac­qui­si­tions re­flect the strate­gic goals of China’s govern­ment,” Mr. Schumer wrote to Trea­sury Sec­re­tary Jack Lew and U.S. Trade Representative Michael Fro­man, re­ported the Jour­nal, which had ob­tained a copy of the let­ter.

“You can be cer­tain that the new Congress in 2017 will work on leg­is­la­tion to fur­ther ex­pand CFIUS over­sight au­thor­ity,” he added, re­fer­ring to the Com­mit­tee on For­eign In­vest­ment in the United States, a Trea­sury Depart­ment of­fice that scru­ti­nizes for­eign pur­chase of U.S. com­pa­nies for po­ten­tial risks to na­tional se­cu­rity.

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