Guangdong court freezes 5.1 billion yuan in Wanda Commercial shares

A COURT in Guangdong province has ordered the freezing of 5.1 billion yuan (S$950.3 million) worth of shares in the property management arm of Dalian Wanda Group, China’s largest commercial property developer, a government credit database showed.

Shares in Dalian Wanda Commercial Management Group will be frozen for three years from Jul 4, 2023, to Jul 3, 2026, a notice in the National Enterprise Credit Information Publicity System showed.

The notice did not provide a reason.

The court order adds to the woes of Dalian Wanda, which is facing uncertainty over the timing of a Hong Kong IPO of its unit Zhuhai Wanda, repayments stress, rating downgrades and other share freezes.

In June, two Shanghai court notices showed Dalian Wanda cannot trade or otherwise use 1.98 billion worth of its shares in Wanda Commercial until Jun 4, 2026, a decision the group later said it was appealing.

In late June, Zhuhai Wanda filed listing application to Hong Kong Stock Exchange for the fourth time, after the previous ones lapsed on pending Chinese regulatory approval.

China securities regulator also terminated Wanda Commercial’s application to issue onshore bonds last month at the company’s request, without giving reasons. REUTERS