×
You will be redirected back to your article in seconds

Wang Jianlin Says Dalian Wanda Will Concentrate on Investing in China

In perhaps the clearest sign yet of Dalian Wanda’s chastened ambitions, group chairman Wang Jianlin has pledged to focus on investing locally in response to the Chinese government’s call for economic caution and its concerns over capital flight.

Wang said that Wanda, which has aggressively pursued offshore deals and acquisitions, “has decided to keep its main investment within China.”

“The big picture is the state policy and macroeconomic environment. Companies have to follow the trend of the national economic development,” Wang told Chinese financial journal Caixin.

Wang’s statement came after Wanda’s agreement earlier this month to sell its 13 theme parks to fellow developer Sunac China for RMB 43.84 billion and 77 hotels to Guangzhou-based R&F Properties for RMB 19.91 billion. Reports have also surfaced that Chinese regulators have banned the country’s banks from lending money to Wanda to finance six of its big-ticket foreign deals, including last year’s $3.5 billion purchase of Legendary Entertainment.

Wanda, whose portfolio stretches from real estate to entertainment, has been one of China’s biggest foreign deal-makers, investing around $20 billion abroad including the purchase of Legendary, AMC Entertainment Holdings, Odeon & UCI Cinemas, and a British luxury yacht maker.

But Chinese authorities have recently tightened control over foreign investment amid mounting concern over capital flight, and warned against excessive borrowing. Wanda has apparently become a prime target for regulators intent on showing that the government is serious about reining in big, splashy overseas deals.

Wang said Wanda’s sales of “less profitable” projects would make the group “asset light” as well as help reduce “leverage and debt burden.” He said hotel and tourism projects were less profitable and slow in return compared to commercial property projects.

“Wanda sold what should be sold and maintained what should be saved,” said Wang.

More Biz

  • Boris Epshteyn

    Sinclair Drops Political Commentary Segments From Boris Epshteyn, Ameshia Cross

    Sinclair Broadcast Group has decided to scrap the political commentary segments that have aired across its vast station group since 2017. Boris Epshteyn, former Trump campaign official turned chief political analyst for Sinclair, has been delivering commentary segments that were mandated to run adjacent to local newscasts on all Sinclair stations since the spring of [...]

  • Harvey Weinstein arrives at New York

    Harvey Weinstein Close to $25 Million Civil Settlement with Accusers

    Harvey Weinstein is close to a $25 million settlement that would resolve most of the civil litigation against him, including a broad class action case accusing him and his board of directors of a systemic pattern of sexual misconduct. The general terms of the agreement have been in place for several months, though it has [...]

  • Def Leppard Signs Admin Deal With

    Def Leppard Signs Admin Deal With Sony/ATV Publishing

    On the heels of the announcement of Def Leppard’s North American stadium tour next summer comes news that the group has signed a global administration agreement with Sony/ATV Music Publishing. The British group has sold more than 100 million records worldwide, particularly of its ‘80s blockbuster albums “Pyromania” and “Hysteria.” Both of which are certified [...]

  • Harvey Weinstein

    Harvey Weinstein, Who Entered Court on Walker, Gets Bail Hiked to $5 Million

    A judge on Wednesday increased Harvey Weinstein’s bail to $5 million, following repeated violations of his ankle monitor system. Justice James Burke agreed to the prosecution’s request to hike his bail, which had been set at $1 million. The defense claimed that the lapses in monitoring were due to technical glitches. Prosecutor Joan Illuzzi alleged [...]

  • Time Person of the Year Greta

    Greta Thunberg Named Time Magazine's Person of the Year

    Time magazine has named Greta Thunberg, the 16-year-old Swedish climate change activist, as its 2019 Person of the Year. Thunberg, the youngest recipient of the annual honor, was selected from a shortlist that included Donald Trump, Nancy Pelosi, the Trump impeachment whistleblower and pro-democracy protesters in Hong Kong. Thunberg gained national attention for skipping school [...]

  • Hipgnosis Acquires Catalog From Jeff Bhasker

    Hipgnosis Acquires Catalog From Bruno Mars-Harry Styles Collaborator Jeff Bhasker

    Hipgnosis Songs Fund has acquired a music catalog from five-time Grammy-winning producer, songwriter and musician Jeff Bhasker. Terms of the deal were not announced, but Bhasker has worked extensively with such artists as Mark Ronson and Bruno Mars (on “Uptown Funk” and Mars’ “Unorthodox Jukebox” album), Kanye West (“808s & Heartbreak” and “My Beautiful Dark Twisted [...]

  • Kasi LemmonsNew York Women in Film

    Kasi Lemmons, Jane Rosenthal, Ann Dowd Talk Golden Globes Female Director Snub

    The absence of women among director nominees for the Golden Globes is another example of how much work remains to be done to achieve gender parity in the entertainment industry, honorees said Tuesday night at the 40th annual Muse Awards presented by New York Women in Film and Television. “Harriet” director Kasi Lemmons, “The Irishman” [...]

More From Our Brands

Access exclusive content