The order appears to retroactively apply to six of Wanda’s largest overseas deals, including the buyout of Legendary Entertainment and AMC Entertainment.
Chinese billionaire Wang Jianlin’s cash-flow woes could be on the rise.
The Chinese government’s top banking regulators have ordered the country’s largest financial institutions to stop lending to the tycoon to finance his overseas entertainment acquisitions, according to a document seen by The Wall Street Journal.
Beijing officials are understood to have convened a meeting with the executives of China’s largest financial institutions on June 20, where the bankers were informed that six of Wanda’s largest overseas acquisitions — including the buyout of AMC Entertainment in 2012 and Thomas Tull’s Legendary Entertainment for $3.5 billion last year — were subject to the government’s restrictions on capital outflows last year.
More to come…