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Chinese banks have been warned by regulators against lending to Dalian Wanda as the serial acquirer comes under official scrutiny following a half-decade overseas dealmaking binge.
中国各银行已接到监管机构的警告，要求他们不要向大连万达(Dalian Wanda)放贷。在经历5年的境外交易盛宴后，这家连环收购方正受到官方的关注。
Regulators instructed banks to restrict exposure to the property-to-movies conglomerate in a meeting on June 20, according to notes of the meeting that were seen by the Financial Times. A Wanda spokesperson declined to comment.
根据英国《金融时报》看到的会议纪要，监管机构在6月20日举行的一个会议上指示商业银行限制各自对万达的敞口。万达是一家经营范围涵盖房地产和电影的综合企业集团，该公司的一名发言人拒绝置评。
A person familiar with the discussions between banks and regulators vis-à-vis Wanda said six Wanda deals were discussed. The document cites two of the deals by name, giving strict instructions to banks not to finance them, accept their assets as collateral, list them in China or inject them into Wanda’s China-listed companies. Wanda was also told not to inject any of its own assets into the six acquisitions or sell them to other Chinese buyers.
熟悉银行与监管机构之间有关万达的讨论的一名人士表示，讨论内容涉及万达的6笔交易。上述文件点名指出其中2笔交易，严格指示银行不要为其提供融资，接受其资产作为抵押品，让它们在中国上市或注入万达的中国上市公司。万达还被告知不要将其自身的任何资产注入这6笔收购，或将其出售给其他中国买家。
Overall the meeting appeared to highlight official anxiety about Wanda’s financial situation. The unlisted parent, which does not publish information about its liabilities, made virtually all of Wanda’s foreign acquisitions.
总体而言，此次会议似乎突显了官方对于万达财务状况的焦虑。万达几乎所有境外收购都是由不披露负债信息的未上市母公司进行的。
Last month regulators launched a probe into banks’ exposure to a number of large Chinese conglomerates including Wanda, over fears that these investments were financed by high-interest financial products.
上月，监管机构针对各银行对中国一些大型企业集团（包括万达）的敞口展开调查，担心这些投资是由高利率金融产品融资的。
Wanda also has come under investor scrutiny following the unexpected sale last week of $9.3bn of hotel and tourism assets to rival developer Sunac.
在上周出人意料地向开发商竞争对手融创(Sunac)出售93亿美元酒店和旅游资产后，万达也受到投资者的关注。
On Monday, Standard & Poor’s became the first major credit rating agency to raise concerns about that transaction. It placed Dalian Wanda Commercial Properties — the heart of the Wanda empire — on watch for a ratings downgrade, adding that the “abrupt and large transaction has undermined the company’s stability and visibility”.
周一，标准普尔(Standard & Poor’s)成为第一家对那笔交易提出担忧的主要信用评级机构。该机构将万达帝国的核心——大连万达商业地产(Dalian Wanda Commercial Properties)列入评级下调观察名单，并补充说，这笔“突如其来和巨额的交易破坏了该公司的稳定性和可见度”。
Wanda has been on an overseas shopping spree since its 2012 purchase of AMC Theatres in the US. In the past two years alone it has spent over $7bn, according to Dealogic, including buying Hollywood studio Legendary Entertainment for $3.5bn — a price many in the industry say was too high. It has not been possible to identify how Wanda paid for these investments, with many analysts suspecting a run-up in high-interest debt that may be worrying regulators.
万达自2012年在美国收购AMC影院公司(AMC Theatres)之后，掀起了一股境外收购狂潮。Dealogic的数据显示，仅在过去两年里，该集团就支出逾70亿美元，包括斥资35亿美元收购好莱坞制片公司“传奇娱乐”(Legendary Entertainment)——很多业内人士称，这个收购价太高了。外界无从得知万达是如何为这些投资买单的，但很多分析师怀疑该集团背上了可能使监管者忧虑的高利率债务。
“My gut instinct is they’ve been heavily reliant on debt,” said Andrew Polk, an economist at Trivium China, a consultancy in Beijing. “I’d be astonished if they didn’t have a high debt load.”
“我的直觉是他们严重依赖债务，”北京咨询公司Trivium China的经济学家安德鲁?波尔克(Andrew Polk)表示。“如果他们没有高的债务负担，我会感到惊讶。”
Wanda declined to comment on the debt levels of its parent company.
万达拒绝对其母公司的债务水平发表评论。
According to a person familiar with the matter, Chinese authorities are focusing on six deals: the purchase of AMC for $1.2bn; the $1.6bn investment in Sunseeker Yachts in the UK in 2013; the three purchases by AMC of cinema chains Carmike Cinemas in the US ($1.2bn), Odeon Cinemas in the UK ($1.2bn) and Nordic Cinemas ($650m); and Legendary Entertainment.
据一名知情人士介绍，中国有关部门聚焦的6笔交易是：以12亿美元收购AMC影院公司；2013年以16亿美元投资于英国游艇公司圣汐(Sunseeker)；由AMC影院公司进行的3笔收购：美国连锁影院Carmike Cinemas（12亿美元）、英国欧迪恩影院公司（Odeon Cinemas，12亿美元），以及Nordic Cinemas（6.5亿美元）；还有就是传奇娱乐。
Wanda has limited public exposure. It delisted DWCP from Hong Kong last year in a $4.4bn deal where it promised investors backing the transaction that it would relist the unit in the mainland within two years.
万达的公开市场敞口有限。去年，该集团将大连万达商业地产从香港退市，当时万达向支持这笔44亿美元交易的投资者承诺，它将在两年内让这块业务在中国内地重新上市。
On Monday S&P questioned this timetable following the Sunac sale, warning that the deal could complicate the timing of a fresh listing.
对于万达在向融创出售资产后还能否落实这个时间表，标普在周一提出质疑。该评级机构警告称，那笔交易可能使新上市的时机复杂化。
