Shanghai court freezes £200m in Dalian Wanda unit shares
A Shanghai court has imposed a freeze on 1.98 billion yuan (US$278.18 million) worth of shares in a subsidiary of Dalian Wanda Group, the largest commercial property developer in China. The affected shares were issued by Dalian Wanda Commercial Management Group, the property management division of Dalian Wanda Group. Two court notices, dated June 5, revealed that the shares were ordered to be frozen until June 4, 2026, according to company information system TianYanCha.
This latest development adds to the growing concerns surrounding Dalian Wanda Group, which is currently facing uncertainty regarding the Hong Kong IPO of its Zhuhai Wanda unit, repayment stress, and a rating downgrade. S&P Global downgraded Dalian Wanda Commercial Management Group on Monday to ‘BB’ from ‘BB+’, citing the weakening liquidity of its parent company.
The rating agency stated, “We see heightened risks from Dalian Wanda Group’s narrowing financing channels due to extended delay in Zhuhai Wanda’s IPO. Weaker property sales than we expected for Wanda Properties Group, a sister company of Wanda Commercial, have worsened the situation for the group.”
On Friday, China’s securities regulator requested more information on Zhuhai Wanda’s corporate governance as part of its application for an initial public offering in Hong Kong.
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