Chinese developer-turned-entertainment conglomerate Dalian Wanda Group saw its revenues drop for the second year in a row, triggering a pledge from its chairman to clear overseas debt as a commercial property slowdown and greater scrutiny over its financial health continue to hit earnings.

Political wind-shifts have caught out some of China’s best-connected private companies, leaving them struggling to manage debt and international assets acquired during headier times. For Wanda founder Wang Jianlin, dethroned from his perch as the richest man in China last year, the downward path has been particularly steep.

Mr Wang has now decided to “clear all overseas debt”, according to remarks he made on Saturday that were posted on the group’s website on Sunday. The group, he said, planned to apply its “limited cash” to Wanda Plazas, the signature complex of movie theatres, shopping and residences that Wanda has rolled out in cities across provincial China.