Finance

China regulator orders checks on loans to acquisitive firms

China regulator orders checks on loans to acquisitive firms

Later on Thursday, Li Xinghao, a spokesman for the banking commission, said Mr. Liu had been "misquoted" as saying that the commission was anxious about the risk posed by those companies.

In a statement issued today, Wang Jianlin's Dalian Wanda Group denied the existence of any such communication from the CBRC.

Early Tuesday, Bloomberg reported that the China Bank Regulatory Commission asked certain banks for details on loans made to several of the country's conglomerates, including New York's Waldorf-Astoria owner Anbang Insurance Group, Fosun International, which owns part of Cirque du Soleil and Wanda. China launched a clampdown on overseas direct investment a year ago. "Some big companies are indeed the focus of our attention on systemic risks, because a big company has big risk exposure for banks and they could transmit to other companies", he told journalists. The Bank of China started scaling back its holdings of Wanda's bonds early this month, according to an account in the Wall Street Journal, after the company's debts had been flagged as risky.

A report by accounting firm KMPG and Sydney University said a record 103 purchases by Chinese companies in Australia, worth $15.4 billion were agreed in 2016.

Liu Zhiqing, deputy director general of the prudential regulation bureau of the CBRC, declined to comment on the reported communication to banks.

Senate GOP releases bill to cut Medicaid, alter 'Obamacare'
He outlined the GOP plan that would cut Medicaid , slash taxes and waive the requirement that Americans purchase health insurance. Both the House and Senate would have to vote again on a final version before sending it to President Donald Trump for signature.

Everything is going well and normal with Fosun. It said that trading in Shenzhen would be suspended from 1pm. "Thank you for your concern".

Billion-dollar hotel developments in Sydney and Queensland, a shareholding in Virgin Australia, and the Australia's biggest cinema chain will come under the scrutiny of Chinese regulators trying to rein in a US$215 billion ($284 billion) overseas buying spree by Chinese companies. One is Anbang Insurance, whose chairman Wu Xiaohui has been detained by investigators of economic crimes.

Both companies are subsidiaries of Wanda Group, the property-to-entertainment conglomerate that has stood out in recent years for making acquisitions in Hollywood, such as the purchase of Legendary Entertainment.

Stock prices for companies controlled by Dalian Wanda Group, HNA and Fosun were punished by investors on Thursday after China's banking regulator instructed some of the country's biggest banks to scrutinise lending to the mainland's most prominent overseas investors.


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