China's government is moving to curb domestic companies' investments abroad in property, sports, entertainment and other fields, following a series of high-profile, multibillion-dollar acquisitions by Chinese firms. One of those conglomerates, Wanda Group, became the world's biggest cinema operator with its purchase of a majority stake in U.S. chain AMC in 2012 for $2.6 billion. It added rival Carmike Cinemas Inc. last year in a $1.2-billion deal and also bought film production house Legendary Entertainment for $3.5 billion. The Cabinet document limits overseas investments in areas such as hotels, cinemas, the entertainment industry, real estate and sports clubs. It also bans outright investments in enterprises related to gambling and the sex industry.

Source: Los Angeles Times August 19, 2017 17:03 UTC