BloombergChina plans to punish billionaire Wang Jianlin’s (王健林) Dalian Wanda Group Co (萬達集團) for breaching the nation’s restrictions on overseas investments by cutting off funding and denying the conglomerate necessary regulatory approvals, to people familiar with the matter said. 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. A Wanda representative declined to comment. For the government, targeting one of the nation’s top businessmen represents an escalation of its broader efforts to crack down on capital outflows. The Wall Street Journal earlier reported that China is restricting the completion of six overseas deals by Wanda Group following the government’s broader crackdown on offshore investments, citing documents.

Source: Taipei Times July 17, 2017 15:56 UTC