China plans to cut off some funding for billionaire Wang Jianlin’s Dalian Wanda Group Co. after concluding the conglomerate breached restrictions for overseas investments, said people familiar with the decision.
The scrutiny could rein in Wang’s ambitious attempt to create a global entertainment empire, including Hollywood production companies and a giant cinema chain he’s built up through acquisitions from the U.S. to the U.K. Six investments, such as the purchases of Nordic Cinema Group Holding AB and Carmike Cinemas Inc., were found to have violations, said the people, who asked not to be identified discussing a private matter. The retaliatory ...