A Shanghai court has ordered the freezing of shares worth a total of 1.98 billion yuan (S$375.3 million) in a unit of Dalian Wanda Group, China’s largest commercial property developer.
The affected shares were issued by Dalian Wanda Commercial Management Group, the property management arm of Dalian Wanda Group.
According to two court notices dated Monday (Jun 5), the shares were ordered to be frozen until Jun 4, 2026, company information system TianYanCha showed.
The court orders add to Dalian Wanda Group’s woes. It is facing uncertainty over the timing of a Hong Kong initial public offering (IPO) of its unit Zhuhai Wanda, repayments stress and a rating downgrade.
S&P Global downgraded Dalian Wanda Commercial Management Group on Monday to “BB” from “BB+”, citing weakening liquidity of its parent.
The rating agency said: “We see heightened risks from Dalian Wanda Group’s narrowing financing channels due to (an) 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.”
Source: The Business Times