China investigating top overseas buyers

China’s banking regulator is conducting a sweeping check on the borrowings of some of the country’s top overseas deal makers, according to people with knowledge of the matter, in one of the most forceful attempts yet to get a grip on runaway debt, The Wall Street Journal reports. The list covers some of the highest-flying private conglomerates in China, known for flamboyant owners, political connections and acquisitive appetites. One is Anbang Insurance, whose chairman Wu Xiaohui has been detained by investigators of economic crimes. Also on the list is HNA Group, one of China’s most aggressive overseas investors; Fosun International, whose chairman dubs himself as China’s Warren Buffett, and Dalian Wanda Group, a property giant that recently has branched out into entertainment. The fifth company on the list is Rossoneri Sports Investment Management Changxing, which made headlines with its acquisition this year of Italian soccer powerhouse AC Milan.