One of China’s most deal-hungry groups is facing scrutiny from the Chinese government. Dalian Wanda Group Co., a property-to-entertainment conglomerate run by the country’s second-richest man, is under fire for allegedly violating investment rules. China’s regulators are trying to slow the pace of overseas takeovers, potentially bringing an element of horror to billionaire Wang Jianlin’s Hollywood dream.
Wanda is a real-estate group that’s seeking to transform itself into a entertainment giant that would challenge Walt Disney Co. Born in 1954, Wang served in the People’s Liberation Army from 1970 to 1986 and founded Wanda a few years later. Wang’s companies include Hong Kong-listed Wanda Hotel Development Co., Shenzhen-listed Wanda Film Holding Co. and New York-listed AMC Entertainment Holdings Inc. Despite the property roots, Wang is squarely focused on entertainment and has said numerous times that he’d be willing to buy a big Hollywood studio.