Pacific Eagle Real Estate has bought a Shanghai luxury hotel from cash-strapped Chinese developer Dalian Wanda Group as the Singapore-based family office expands its property investments.
The cash-strapped Dalian Wanda Group sold its luxury hotel in Shanghai to Indonesian pulp and paper billionaire Sukanto Tanoto, at a reported price of between 1.44 billion and 1.66 billion yuan (US$204 million and US$234 million).
Fitch Ratings downgraded Dalian Wanda Commercial Management Group to restricted default from C on completion of the distressed debt exchange, and simultaneously upgraded the firm to CC from RD to.
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