7th June 2023 – (Shanghai) A Shanghai court has ordered the freezing of $278.18m worth of shares in Dalian Wanda Group‘s property management arm, Dalian Wanda Commercial Management Group. The shares will be frozen until 4 June 2026. The order adds to the group’s current issues, which include uncertainty over an IPO of its unit Zhuhai Wanda, repayment stress and a ratings downgrade.
On Monday, S&P Global downgraded Dalian Wanda Commercial Management Group from BB+ to BB, citing “heightened risks from Dalian Wanda Group’s narrowing financing channels due to extended delay in Zhuhai Wanda’s IPO.”