Wanda’s sudden retreat comes as China’s communist leaders have moved to rein in some of the country’s biggest private companies. The government believes Wanda and other firms have borrowed too much and invested blindly overseas — overpaying for assets that have little strategic value to the country. A surge in lending since the 2008 financial crisis has put the already slowing Chinese economy on uneven ground. Outstanding debt grew to about 260% of GDP at the end of last year, up from 160% in 2008, according to Bloomberg Intelligence.
