Dec 07, 2023 05:55 AM

BUSINESS

Wanda Billionaire Founder Cedes Control of Cinema Business

By Guan Cong and Han Wei

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Dalian Wanda has stepped up asset sales, offloading cinemas, malls and hotels, to ease its liquidity crunch

Dalian Wanda has stepped up asset sales, offloading cinemas, malls and hotels, to ease its liquidity crunch

Wang Jianlin, the Chinese property tycoon and billionaire founder of Dalian Wanda Group Co. Ltd., is selling the controlling stake in Wanda’s cinema business as his property conglomerate faces mounting debt repayment pressures.

Wang plans to transfer a 51% stake in Beijing Wanda Investment Co. Ltd., the largest shareholder of Wanda Film Holding Co. Ltd., to a subsidiary of China Ruyi Holdings Ltd., Wanda Film said in a Wednesday filing.

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