中國官方要求國內銀行限制向萬達放貸

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.

中國各銀行已接到監管機構的警告，要求他們不要向大連萬達(Dalian Wanda)放貸。在經歷5年的境外交易盛宴後，這家連環收購方正受到官方的關注。

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.

根據英國《金融時報》看到的會議紀要，監管機構在6月20日舉行的一個會議上指示商業銀行限制各自對萬達的敞口。萬達是一家經營範圍涵蓋房地產和電影的綜合企業集團，該公司的一名發言人拒絕置評。

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.

熟悉銀行與監管機構之間有關萬達的討論的一名人士表示，討論內容涉及萬達的6筆交易。上述文件點名指出其中2筆交易，嚴格指示銀行不要爲其提供融資，接受其資產作爲抵押品，讓它們在中國上市或注入萬達的中國上市公司。萬達還被告知不要將其自身的任何資產注入這6筆收購，或將其出售給其他中國買家。

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，此次會議似乎突顯了官方對於萬達財務狀況的焦慮。萬達幾乎所有境外收購都是由不披露負債信息的未上市母公司進行的。

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，監管機構針對各銀行對中國一些大型企業集團（包括萬達）的敞口展開調查，擔心這些投資是由高利率金融產品融資的。

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.

在上週出人意料地向開發商競爭對手融創(Sunac)出售93億美元酒店和旅遊資產後，萬達也受到投資者的關注。

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”.

週一，標準普爾(Standard & Poor’s)成爲第一家對那筆交易提出擔憂的主要信用評級機構。該機構將萬達帝國的核心——大連萬達商業地產(Dalian Wanda Commercial Properties)列入評級下調觀察名單，並補充說，這筆“突如其來和鉅額的交易破壞了該公司的穩定性和可見度”。

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.

萬達自2012年在美國收購AMC影院公司(AMC Theatres)之後，掀起了一股境外收購狂潮。Dealogic的數據顯示，僅在過去兩年裏，該集團就支出逾70億美元，包括斥資35億美元收購好萊塢製片公司“傳奇娛樂”(Legendary Entertainment)——很多業內人士稱，這個收購價太高了。外界無從得知萬達是如何爲這些投資買單的，但很多分析師懷疑該集團背上了可能使監管者憂慮的高利率債務。

“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.”

“我的直覺是他們嚴重依賴債務，”北京諮詢公司Trivium China的經濟學家安德魯?波爾克(Andrew Polk)表示。“如果他們沒有高的債務負擔，我會感到驚訝。”

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

萬達拒絕對其母公司的債務水平發表評論。

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.

據一名知情人士介紹，中國有關部門聚焦的6筆交易是：以12億美元收購AMC影院公司；2013年以16億美元投資於英國遊艇公司聖汐(Sunseeker)；由AMC影院公司進行的3筆收購：美國連鎖影院Carmike Cinemas（12億美元）、英國歐迪恩影院公司（Odeon Cinemas，12億美元），以及Nordic Cinemas（6.5億美元）；還有就是傳奇娛樂。

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.

萬達的公開市場敞口有限。去年，該集團將大連萬達商業地產從香港退市，當時萬達向支持這筆44億美元交易的投資者承諾，它將在兩年內讓這塊業務在中國內地重新上市。

On Monday S&P questioned this timetable following the Sunac sale, warning that the deal could complicate the timing of a fresh listing.

對於萬達在向融創出售資產後還能否落實這個時間表，標普在週一提出質疑。該評級機構警告稱，那筆交易可能使新上市的時機複雜化。