Dec 13, 2023 05:51 AM

BUSINESS

Wanda Reaches Deal with Investors to Avoid $5.6 Billion Immediate Repayment

By Niu Mujiangqu and Han Wei

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The agreement involves an equity swap that will boost the investors’ holdings in Zhuhai Wanda to 60% from previous 21.17%

The agreement involves an equity swap that will boost the investors’ holdings in Zhuhai Wanda to 60% from previous 21.17%

Cash-strapped developer Dalian Wanda Group Co. Ltd. can breathe a temporary sigh of relief having reached an agreement with investors to avoid an immediate repayment of more than 40 billion yuan ($5.6 billion) for an unfulfilled flotation of its property management unit.

Wanda faced having to repay a group of investors their 38-billion-yuan investments plus interest under a 2021 agreement if the developer failed to list its light-asset unit, Zhuhai Wanda Commercial Management Group Co. Ltd., by the end of this year.

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