China cuts off Wanda funding – reports

SHANGHAI: China plans to squeeze high-flying billionaire Wang Jianlin’s conglomerate Wanda by cutting off new loans and regulatory approvals for deals, reports said Monday, punishing it for breaching Chinese restrictions on overseas investments.

The regulatory retaliation marks a major setback for a formerly fast-expanding company that was among the most aggressive players in a flood of acquisitions around the world by Chinese companies but is now scrambling to slash debt.