Chinese conglomerate Dalian Wanda Group’s revenue fell by 10.8 percent in 2017, the second consecutive year it declined, as the debt-laden group sold off property assets and faced increasing scrutiny from regulators and lenders.
The property-to-entertainment group, owned by tycoon Wang Jianlin, reported 227.4 billion yuan ($35.54 billion) in revenue for last year, while net profit remained flat compared with 2016, according to a statement posted on the company’s website on Saturday. It did not reveal the profit figure.Total assets, of which 93 percent are domestic, declined 11.5 percent to 700 billion yuan.The group came under pressure last year from a government crackdown on perceived risky spending overseas and high levels of corporate debt.
Banks heightened their scrutiny and ratings agencies downgraded its property unit to junk status.The Chinese conglomerate is expected to announce the sale of two Australian property projects in the coming days, sources have told Reuters, the latest in a string of asset sales as the firm looks to reduce its portfolio after a major acquisition spree.
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The two authorities, Securities Commission Malaysia (SC) and Bank Negara Malaysia advised members of the public to exercise caution on the initial coin offering (ICO) schemes that may involve activities that are subjected to laws administered by the SC and the Central Bank.
In the statement, SC that carrying on such activities without proper authorisation is an offense.
The issuers of ICO are advised to be mindful on the launching of ICO, the offering of digital tokens in exchange for digital currency or any form of payment and incidental activities that may trigger regulatory requirements under securities laws.
“No person is permitted to carry out any regulated activities such as fundraising, fund management, and dealing in capital market products without obtaining necessary approval or authorisation from the SC,” it said.
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Last week, the Central Bank of Malaysia, Bank Negara Malaysia has introduced a new initiative to digitize its financial services and empower society called eCCRIS which stands for the electronic Central Credit Reference Information System.
In the bank’s statement, the Governor Tan Sri Muhammad Ibrahim said it is the bank’s efforts to expand the scope of the use of its traditional CCRIS report.
He said the report is used not only by borrowers and lenders, but it also include the purposes of individual financial health screening, debt management and settlement activities, as well as screening of job applicants by employers. This development is in line with Bank Negara’s aspiration to see the wider use of credit scores.
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