After banks received orders from the Chinese government last week to stop funding Dalian Wanda Group’s expansion, Sunday revealed that the orders came down from China’s President Xi Jinping.
The order last week was handed specifically to state owned banks to stop funding overseas acquisitions by Dalian Wanda Group, HNA Group Co., Anbang Insurance Group and Fosun International Ltd.
Over a mere 4-year period, the 4 companies have spent a cumulative US$55 billion on international acquisitions, accounting for 18% of the total spent by Chinese companies on foreign acquisitions over the same time period.
The funding limits are seen to be a government attempt to limit the power of the rapidly growing private sector and to re-assert more government control.
Full Content: Forbes
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Canadian Breadmakers Settle Price-Fixing Lawsuit
Jul 25, 2024 by
CPI
EssilorLuxottica Open to Meta as Shareholder, Says CEO Francesco Milleri
Jul 25, 2024 by
CPI
California Supreme Court Upholds Proposition 22, Securing Independent Contractor Status for Uber and Lyft Drivers
Jul 25, 2024 by
CPI
Paramount Global Investor Sues to Block Skydance Media Merger
Jul 25, 2024 by
CPI
Software Vendors Win Class Action Status in Antitrust Case Against CDK Global
Jul 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI