Wanda Bonds Sink Amid Concerns on Repayment and Fate of Unit’s IPO
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The slump in onshore and offshore bonds issued by subsidiaries of troubled property-to-entertainment conglomerate Dalian Wanda Group Co. Ltd. deepened amid renewed concern by investors about its financial health and the fading prospects of a Hong Kong share sale by one of its units.
A five-year, 3.8 billion yuan ($538.6 million) onshore bond issued by Dalian Wanda Commercial Management Group Co. Ltd. (DWCM) plunged almost 11% Monday to 77.6 yuan and tumbled a further 3.2% Tuesday to the lowest since November. One bond investor told Caixin that investors tend to offload bonds quickly once sentiment sours.
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