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Bond Market News
Wanda’s Owner To Relinquish Control of Mall Unit
December 13, 2023
Dalian Wanda Group’s founder and Chairman Wang Jianlin is said to be giving up control of the company’s Zhuhai mall unit, after it has failed to list via an IPO this year. According to the statement released by the company, Dalian Wanda Commercial Management and PAG Investment Group signed a new investment agreement, through which PAG and other investors’ stake will increase to 60% in the Zhuhai mall unit while Wang’s stake will be reduced to 40% from current 78%. PAG had invested about RMB 18bn ($2.8bn) of the total RMB 38bn ($5.3bn) in Zhuhai’s funding round in 2021. Wanda has been trying to avoid repayment of RMB 30bn ($4.2bn) plus interest back to investors, according to the original agreement, as it failed to list the unit by the end of 2023.
Wanda’s dollar bonds have been trading at distressed levels of 34-38 cents on the dollar.
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