the item’s a double bogey for Chinese real-estate tycoon Wang Jianlin.
Authorities have shut down two high-end golf courses at a resort in northeastern China operated by Wang’s company, Dalian Wanda Group.
The closures are the latest case of Chinese government officials cracking down on golf, which has become a symbol of the political corruption against which President Xi Jinping has been waging a massive, high-profile campaign. They also represent a fresh setback for Wanda, which has found parts of its businesses under pressure coming from authorities This specific year.
The Fusong County government ordered Wanda to stop golf operations at a resort in Changbaishan last month, according to a brief notice posted on the government’s website on Friday. the item didn’t give a reason for the closures or say if they’re permanent.
Wanda declined to comment on the matter. Its website says the Changbaishan resort has two “world-class” golf courses, an 18-hole course designed by Jack Nicklaus along using a 36-hole course designed by Robert Jones.
Related: Chinese billionaire battles talk of trouble at real estate empire
Golf has long suffered under China’s ruling Communist Party, which banned the sport after taking power in 1949, describing the item as a “game for millionaires.” the item later emerged coming from the shadows inside mid-1980s as China’s economy opened up to the outside world, however remained at the mercy of politics.
A completely new crackdown began in 2004 along with intensified under Xi. Since 2011, the government has closed more than 100 golf courses around the country, citing illegal land along with water use, according to state media.
For Wanda, the loss of the Changbaishan courses follows a series of various other problems This specific year.
several its international deals failed to pan out after Beijing stepped up scrutiny of overseas acquisitions by Wanda along with various other major Chinese companies.
Related: Why Trump’s golf diplomacy doesn’t work with China’s Xi Jinping
the item also offloaded $9 billion worth of tourist attractions along with hotels in China in July to help improve its balance sheet after years of aggressive expansion. The sale was an embarrassing blow to Wang, who had previously vowed to crush Disney’s business in China.
In August, Beijing announced the item might limit the deals Chinese companies can do in various other countries in certain industries. They included key sectors for Wanda, such as real estate, entertainment along with sports.
Wang has found himself pushing back against rumors of more difficulties for him along with his sprawling business empire. He has also seen his fortune shrink amid the turmoil.
Once the richest man in China, Wang today ranks fifth, according to the latest Hurun China Rich List. the item estimates his net worth fell almost 30% coming from a year earlier, to $23 billion.
— Jethro Mullen along with Serenitie Wang contributed to This specific report.
sy88pgw (Hong Kong) First published October 17, 2017: 2:11 AM ET