Wang Jianlin is the man who turned Dalian Wanda into one of China’s leading real estate firms.
A few months ago, Wang was still the richest man in China.
Chinese officials are said to be asking banks and financial institutions to stop lending to many famous companies, including Dalian Wanda.
Dalian Wanda’s simulation park once wanted to compete with Disneyland.
“The company’s business strategy is changing.
Immediately afterwards, credit rating agency S&P Global Ratings also lowered the outlook of Dalian Wanda Commercial Properties and Wanda HK to `negative` due to `unexpected asset sales moves`.
Wang Jianlin was once the richest man in China.
“Some people really care about us, but others just want to spread rumors and hope we get into trouble.
Observers believe that the turning point that happened to veteran businessmen like Wang was due to China’s campaign to prevent companies from sending money abroad.
This term refers to large, obvious problems in the economy, but is often overlooked.
In this case, the above term applies to a group of large companies that are growing strongly and borrowing a lot, but are difficult for officials to control.
Stocks and bonds of these companies have plummeted as investors try to figure out Beijing’s new economic priorities.
However, in the past, companies like Dalian Wanda were highly encouraged by Beijing.
“I have some sympathy for Wanda, HNA and similar companies,” said Christopher Balding, a political and economic lecturer at Peking University. “Twelve months ago, what they were doing was encouraged by the authorities.
This is not just a Chinese problem, though.
Chinese money has helped push up real estate prices in many places.
Beijing is encouraging an open economy.