Wanda to Raise $314 Million From Asset Sale as Bond Matures

(Bloomberg) — Dalian Wanda Group Co. Ltd. is selling a stake in one of its entertainment units for 2.26 billion yuan ($314 million), raising the odds that the Chinese conglomerate will avert default on a maturing dollar bond.

Concern over a Wanda unit’s ability to repay a $400 million note by Monday has rocked China’s high-yield market in recent weeks, driving wild price swings in the conglomerate’s dollar bonds and those of some peers. Wanda had until recently been one of the few property-related Chinese issuers to avoid default fears amid a multiyear debt crisis that has touched nearly every corner of the industry.