Wanda Group: Difference between revisions

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In July 2017, the Chinese Central Government introduced new measures that bar state-owned banks from providing new loans to private Chinese firms to curb their foreign expansion.<ref name=":0">{{Cite news|url=https://www.wsj.com/articles/chinas-latest-clampdown-on-overseas-investing-has-president-xis-approval-1500802203|title=Xi's Sign-Off Deals Blow to China Inc.'s Global Spending Spree|last1=Wei|first1=Lingling|date=2017-07-23|work=[[The Wall Street Journal]]|access-date=2017-07-28|last2=Deng|first2=Chao|language=en-US|issn=0099-9660}}</ref> According to media reports, the measures were approved directly by [[General Secretary of the Communist Party of China|General Secretary]] [[Xi Jinping]].<ref>{{Cite web|url=https://www.mingtiandi.com/real-estate/outbound-investment/xi-dada-spanks-wang-jianlin-over-wandas-wild-acquisitions-and-wacky-debts/|title=China's Xi Said to Order Crackdown on Wanda {{!}} Mingtiandi|website=www.mingtiandi.com|date=25 July 2017|language=en-US|access-date=2017-07-28}}</ref> Next to Wanda Group, the measures also targeted [[HNA Group|HNA Group Co.]], [[Anbang Insurance Group]] as well as [[Fosun International|Fosun International Ltd.]]<ref name=":0" /> Chairman Wang Jianlin responded by announcing that the company will focus on investing into the domestic market, and sold $9.4 billion worth of assets, including 77 hotels and a 91 percent stake in 13 theme parks to a smaller Chinese competitor.<ref>{{Cite web|url=https://www.caixinglobal.com/2017-07-22/101120436.html?|title=Wanda Will Keep Major Investments in China, Chairman Says - Caixin Global|website=[[Caixin]] Global|language=en|access-date=2017-07-28}}</ref>
 
In October 2018, Dalian Wanda exited the domestic Chinese theme park business by selling its theme parks and its corresponding management companies to the Chinese property developer [[Sunac]] for 6.3 billion yuan (US$900 million). The deal included the film and TVtelevision studios that Wanda constructed in Qingdao.<ref>{{Cite news|url=https://variety.com/2018/film/asia/wanda-completes-exit-from-film-studios-and-theme-parks-1203015923/|title=China's Wanda Completes Exit From Film Studios and Theme Parks|last=Frater|first=Patrick|date=2018-10-31|work=Variety|access-date=2018-11-02|language=en-US}}</ref>
 
==Sponsorships==