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.
Changes in control of Zhuhai Wanda, the world’s largest mall operator, came after Wang Jianlin’s Zhuhai Wanda failed to list in Hong Kong by end-2023 as stipulated under a 2021 deal with outside investors.
Wanda Properties says extension on $600 million bond repayment gains early consent from holders streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Dalian Wanda, one of China’s biggest commercial landlords, easily sailed through its attempt to delay paying a US$600 million bond next year, as well as dilute some of the debt covenants.