A document released Friday by the State Council was the latest move by regulators to tap the brakes on a string of foreign acquisitions
In this photo taken Thursday, March 3, 2016, Chinese President Xi Jinping attends the opening session of the Chinese People's Political Consultative Conference (CPPCC) in Beijing's Great Hall of the People. Chinese President Xi Jinping has made graft-busting a hallmark of his three years in power, so reports based on leaked documents from a Panama-based law firm showing his brother-in-law opened three offshore tax havens might have been highly damaging. Instead, Xi’s tight hold on political power and the ruling Communist Party’s institutional controls over the media, free speech and a rubberstamp legislature seem sufficient to allow him to emerge largely unscathed.(AP Photo/Ng Han Guan), photo: AP/Ng Han Guan
18 of August 2017 13:39:07
BEIJING – China's government is moving to curb domestic companies' investments abroad in property, sports, entertainment and other fields, following a series of high-profile, multibillion-dollar acquisitions by Chinese firms.A document released Friday by the State Council, China's Cabinet, was the latest move by regulators to tap the brakes on a string of foreign acquisitions, citing concerns that the companies involved may be taking on too much debt.One of those conglomerates, Wanda Group, became the world's biggest cinema operator with its purchase of a majority stake in U.S. chain AMC in 2012 for $2.6 billion. It added rival Carmike Cinemas Inc. last year in a $1.2 billion deal and also bought film production house Legendary Entertainment for $3.5 billion.