Chinese companies talked about not wanting to be regarded as the latest in a series of foolish foreign investors in Hollywood. But it took the intervention of Chinese President Xi Jinping to bring to an end a 3½-year acquisition frenzy which saw Dalian Wanda and other players strike deals that raised eyebrows on both sides of the Pacific.
Last week’s official declaration by Beijing ruling out investments in overseas film, entertainment and sports properties marks a resetting of the relationship between Chinese and U.S. companies in those sectors, analysts say. Call it China-Hollywood 2.0.
“They mean business this time. This is not a policy that will change right after the [Communist] Party Congress this autumn,” Alex Wong, director of asset management at Ample Capital, told Radio Television Hong Kong.
The entertainment industries in both China and the U.S. must adjust to a new reality no longer based on acquisitions and asset values. Instead, »
- Patrick Frater
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