Wanda Group in Liquidity Crisis Sells 10 Large Shopping Malls

Ownership of Shamen City Large Shopping Mall Huriwaanda Plaza Transferred
Sale of Four Locations in December: Suzhou, Huzhou, Shanghai, Guangzhou

Chinese major real estate developer Dalian Wanda Group, facing a liquidity crisis, sold 10 large shopping malls to secure cash.

Wang Jianlin (王健林), chairman of Dalian Wanda Group, a Chinese real estate tycoon.

On the 20th, local media including Jiemian News reported that Zhuhai Wanda Commercial Management Group, a subsidiary of Wanda Group, transferred the large shopping mall Huli Wanda Plaza to Xiamen Jinsheng Yangzi Co., Ltd., a commercial real estate leasing and management company.

Huli Wanda Plaza is a complex shopping mall located in Xiamen City, Fujian Province, which opened in September 2011 and is owned by Wanda Group.

Previously, Wanda Group sold four Wanda shopping malls located in Suzhou, Huzhou, Shanghai, and Guangzhou from December 25 to 30 last year, and in total sold 10 shopping malls since last year.

Last month, Wanda Group sold a luxury hotel located in the Shanghai city center landmark The Bund to an Indonesian billionaire Sukanto Tanoto's real estate investment company. The hotel price is estimated to be between 1.44 billion and 1.66 billion yuan (approximately 267.4 billion to 308.3 billion KRW).

On the 16th, Wanda Group also established Dalian Xindameng Commercial Management Co., Ltd., with a capital of 16.27 billion yuan (about 3.01 trillion KRW), attracting new foreign capital.

Local media reported that Wanda Group was able to secure cash through real estate sales and successfully attract foreign capital, which helped ease liquidity pressure.

Wanda Group's liquidity crisis emerged in July last year when its core subsidiary Dalian Wanda Commercial Management Group failed to secure at least 200 million dollars of repayment out of 400 million dollars (about 535 billion KRW) in bonds nearing maturity.

Wang Jianlin, chairman of Wanda Group, disposed of 49% of Wanda Investment, a Wanda Group subsidiary, to repay the matured bonds. In December last year, he announced plans to sell 51% of Wanda Investment's shares to Rui Holdings, supported by Tencent.

This content was produced with the assistance of AI translation services.