中國(guó)官方要求國(guó)內(nèi)銀行限制向萬(wàn)達(dá)放貸

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.

中國(guó)各銀行已接到監(jiān)管機(jī)構(gòu)的警告，要求他們不要向大連萬(wàn)達(dá)(Dalian Wanda)放貸。在經(jīng)歷5年的境外交易盛宴后，這家連環(huán)收購(gòu)方正受到官方的關(guān)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.

根據(jù)英國(guó)《金融時(shí)報(bào)》看到的會(huì)議紀(jì)要，監(jiān)管機(jī)構(gòu)在6月20日舉行的一個(gè)會(huì)議上指示商業(yè)銀行限制各自對(duì)萬(wàn)達(dá)的敞口。萬(wàn)達(dá)是一家經(jīng)營(yíng)范圍涵蓋房地產(chǎn)和電影的綜合企業(yè)集團(tuán)，該公司的一名發(fā)言人拒絕置評(píng)。

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.

熟悉銀行與監(jiān)管機(jī)構(gòu)之間有關(guān)萬(wàn)達(dá)的討論的一名人士表示，討論內(nèi)容涉及萬(wàn)達(dá)的6筆交易。上述文件點(diǎn)名指出其中2筆交易，嚴(yán)格指示銀行不要為其提供融資，接受其資產(chǎn)作為抵押品，讓它們?cè)谥袊?guó)上市或注入萬(wàn)達(dá)的中國(guó)上市公司。萬(wàn)達(dá)還被告知不要將其自身的任何資產(chǎn)注入這6筆收購(gòu)，或?qū)⑵涑鍪劢o其他中國(guó)買家。

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.

總體而言，此次會(huì)議似乎突顯了官方對(duì)于萬(wàn)達(dá)財(cái)務(wù)狀況的焦慮。萬(wàn)達(dá)幾乎所有境外收購(gòu)都是由不披露負(fù)債信息的未上市母公司進(jìn)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，監(jiān)管機(jī)構(gòu)針對(duì)各銀行對(duì)中國(guó)一些大型企業(yè)集團(tuán)(包括萬(wàn)達(dá))的敞口展開(kāi)調(diào)查，擔(dān)心這些投資是由高利率金融產(chǎn)品融資的。

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開(kāi)發(fā)商競(jìng)爭(zhēng)對(duì)手融創(chuàng)(Sunac)出售93億美元酒店和旅游資產(chǎn)后，萬(wàn)達(dá)也受到投資者的關(guān)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，標(biāo)準(zhǔn)普爾(Standard & Poor’s)成為第一家對(duì)那筆交易提出擔(dān)憂的主要信用評(píng)級(jí)機(jī)構(gòu)。該機(jī)構(gòu)將萬(wàn)達(dá)帝國(guó)的核心——大連萬(wàn)達(dá)商業(yè)地產(chǎn)(Dalian Wanda Commercial Properties)列入評(píng)級(jí)下調(diào)觀察名單，并補(bǔ)充說(shuō)，這筆“突如其來(lái)和巨額的交易破壞了該公司的穩(wěn)定性和可見(jiàn)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.

萬(wàn)達(dá)自2012年在美國(guó)收購(gòu)AMC影院公司(AMC Theatres)之后，掀起了一股境外收購(gòu)狂潮。Dealogic的數(shù)據(jù)顯示，僅在過(guò)去兩年里，該集團(tuán)就支出逾70億美元，包括斥資35億美元收購(gòu)好萊塢制片公司“傳奇娛樂(lè)”(Legendary Entertainment)——很多業(yè)內(nèi)人士稱，這個(gè)收購(gòu)價(jià)太高了。外界無(wú)從得知萬(wàn)達(dá)是如何為這些投資買單的，但很多分析師懷疑該集團(tuán)背上了可能使監(jiān)管者憂慮的高利率債務(wù)。

“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.”

“我的直覺(jué)是他們嚴(yán)重依賴債務(wù)，”北京咨詢公司Trivium China的經(jīng)濟(jì)學(xué)家安德魯•波爾克(Andrew Polk)表示。“如果他們沒(méi)有高的債務(wù)負(fù)擔(dān)，我會(huì)感到驚訝。”

Wanda declined to comment on the debt levels of its parent company.

萬(wàn)達(dá)拒絕對(duì)其母公司的債務(wù)水平發(fā)表評(píng)論。

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.

據(jù)一名知情人士介紹，中國(guó)有關(guān)部門聚焦的6筆交易是：以12億美元收購(gòu)AMC影院公司;2013年以16億美元投資于英國(guó)游艇公司圣汐(Sunseeker);由AMC影院公司進(jìn)行的3筆收購(gòu)：美國(guó)連鎖影院Carmike Cinemas(12億美元)、英國(guó)歐迪恩影院公司(Odeon Cinemas，12億美元)，以及Nordic Cinemas(6.5億美元);還有就是傳奇娛樂(lè)。

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.

萬(wàn)達(dá)的公開(kāi)市場(chǎng)敞口有限。去年，該集團(tuán)將大連萬(wàn)達(dá)商業(yè)地產(chǎn)從香港退市，當(dāng)時(shí)萬(wàn)達(dá)向支持這筆44億美元交易的投資者承諾，它將在兩年內(nèi)讓這塊業(yè)務(wù)在中國(guó)內(nèi)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.

對(duì)于萬(wàn)達(dá)在向融創(chuàng)出售資產(chǎn)后還能否落實(shí)這個(gè)時(shí)間表，標(biāo)普在周一提出質(zhì)疑。該評(píng)級(jí)機(jī)構(gòu)警告稱，那筆交易可能使新上市的時(shí)機(jī)復(fù)雜化。