Chinese billionaires take to the stageWang
The stock remains on hold pending more details on the deal.Related: China shuts down billionaire’s golf coursesThe series of sales follows a crackdown by the Chinese government on aggressive, debt fueled investments overseas by big name companies like Wanda.In August, officials announced they were limiting overseas investments by Chinese companies, specifically targeting sectors that Wanda had been eagerly pursuing real estate, hotels, entertainment and sports.Experts say the Chinese government was trying to address concerns that the flood of money pouring out of the country could destabilize its financial system. Officials also wanted to reduce the risk of Chinese companies making irrational or risky investments abroad.As well as cheap air jordan high profile real estate projects in cities like Los Angeles, Chicago and Istanbul, Wang has pumped money into a range of entertainment and sports businesses like top Spanish soccer club Atletico Madrid and Legendary Entertainment, the Hollywood studio that produced movies like “Jurassic World” and “The Hangover” trilogy.But in a sign that Wang’s international ambitions were starting to clash with the ruling Communist Party’s agenda, Wanda’s $1 billion deal to buy Dick Clark Productions, the producer of the Golden Globes and other leading awards shows, fell apart last year.Chinese billionaires take to the stageWang, a former soldier who went into business in the late 1980s, is now paring back his global empire and going out of his way to emphasize his company’s domestic business.In a speech at Wanda’s annual meeting for employees on Saturday, Wang highlighted that 93% of the company’s assets are in China, a figure he hadn’t singled out in such a way previously. He also said the company will be getting rid of more international projects.”Over the past few years, Wanda has invested in several overseas projects.
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