China's Dalian Wanda appeals court decision to freeze shares

BEIJING : China's largest commercial property developer Dalian Wanda Group on Thursday said it is appealing a court decision to freeze 1.9 billion yuan worth of shares it owns in a subsidiary.Two Shanghai court notices dated Monday showed the group cannot trade or otherwise use its shares in property manager Dalian Wanda Commercial Management Group until June 4, 2026. The notices did not detail reasons.

The group on Thursday said it had a dispute involving about 1 billion yuan with a company related to a mega-project in northern China. It also said the value of shares frozen far exceeded the amount in that dispute. On Monday, the group suffered a credit-rating downgrade as it faces debt-repayment stress. It is also pursuing an initial public offering in Hong Kong of subsidiary Zhuhai Wanda which has stalled while awaiting regulatory approval.

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Shanghai court freezes $278 million worth of shares in Wanda CommercialHONG KONG : A Shanghai court has ordered the freezing of 1.98 billion yuan ($278.18 million) worth of shares in a unit of Dalian Wanda Group, China's largest commercial property developer.The shares frozen were issued by Dalian Wanda Commercial Management Group, the property management arm of Dalian Wand
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Shanghai court freezes US$278 million worth of shares in Wanda CommercialHONG KONG: A Shanghai court has ordered the freezing of 1.98 billion yuan (US$278.18 million) worth of shares in a unit of Dalian Wanda Group, China's largest commercial property developer. The shares frozen were issued by Dalian Wanda Commercial Management Group, the property management arm of Dalian Wand
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »