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Wanda-tied stocks spiral down on reported state intervention

Beijing cuts off funding for foreign acquisitions amid credit risk concerns

A Dalian Wanda Group movie theater in the Liaoning Province city of Dalian.

HONG KONG/DALIAN, China -- Shares tied to Beijing-based property developer Dalian Wanda Group have dropped in both Hong Kong and the U.S. after the Chinese government reportedly told major banks to stop financing overseas acquisitions by the group.

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