Curbs to China Investment Risk U.S. Jobs: Wanda’s WangBloomberg News
Wang has asked motion picture chief to relay message to Trump
Hollywood and English-language films rely on China for growth
Any move to curb investment by Chinese companies in the U.S. after Donald Trump is sworn in as president could put at risk the jobs of 20,000 Americans employed by Dalian Wanda Group Co., Chairman Wang Jianlin has warned.
The Chinese property and media tycoon has asked Christopher Dodd, chairman of the Motion Picture Association of America, to relay the above message to Trump, according to the transcript of a speech delivered by Wang during a forum in Beijing on Saturday.
“I’ve invested over $10 billion in the U.S., employing over 20,000 people,” Wang said. “If something goes wrong, these 20,000-plus people might be out of jobs. Other things aside, in the film and entertainment industry, you have to understand that English-language films are relying on the Chinese market for growth.”
Wanda is poised to become owner of the largest cinema chain in the U.S., pending AMC Entertainment Holding’s acquisition of Carmike Cinemas Inc. The Chinese conglomerate also owns movie studio Legendary Entertainment LLC and has agreed to buy Golden Globe Awards producer Dick Clark Productions Inc. In addition, the Chinese billionaire has repeatedly expressed interest in buying one of Hollywood’s six biggest studios.
The shopping spree has alarmed some U.S. lawmakers who’ve called for more scrutiny over Chinese takeovers, including deals such as those made by Wanda.
“This shows Wanda has grown more influential in the U.S., otherwise [the lawmakers] wouldn’t have named us," Wang said. "We will watch for Mr. Trump’s attitude toward Chinese entertainment companies."
— With assistance by Jeanne Yang