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Nisha Gopalan

China Bulls, Don Your Hard Hats

The timing of this information-gathering exercise is curious ahead of the Communist Party congress later this year.
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Photographer: Greg Baker/Getty Images

China bulls watching Beijing's inquiry into bank loans made to some of the country's serial acquirers: grab your hard hats. Expect deals to be roiled and markets to be on shaky ground in the lead up to the 19th National Congress of the Communist Party around October.

The China Banking Regulatory Commission has asked lenders to provide information on overseas advances made to HNA Group Co., Fosun International Ltd., Dalian Wanda Group Co. and Anbang Insurance Group Co. Those four have spent billions of dollars collecting trophy assets around the world, including Hollywood studio Legendary Entertainment LLC and New York's Waldorf Astoria hotel.