Beijing to punish Wanda for breach of investment rules

Beijing

CHINA plans to punish billionaire Wang Jianlin's Dalian Wanda Group Co for breaching the nation's restrictions on overseas investments by cutting off funding and denying the conglomerate the necessary regulatory approvals, according to people familiar with the matter.

The government has found violations of China's restrictions in six investments, four of which have been completed and two are still pending, according to the people, who asked not to be identified because the matter is private.