China’s Dalian Wanda appeals court decision to freeze shares
2023.06.07 23:26
© Reuters. FILE PHOTO: The logo of the Dalian Wanda Commercial Properties is seen at a news conference in Hong Kong March 31, 2015. REUTERS/Tyrone Siu/Files
BEIJING (Reuters) – China’s largest commercial property developer Dalian Wanda Group on Thursday said it is appealing a court decision to freeze 1.9 billion yuan ($266.23 million) worth of shares it owns in a subsidiary.
The group in a statement said it “is confident it will defend its legitimate rights”.
Two Shanghai court notices dated Monday showed the group cannot trade or otherwise use its shares in property manager Dalian Wanda Commercial Management Group until June 4, 2026. The notices did not detail reasons.
The group on Thursday said it had a dispute involving about 1 billion yuan with a company related to a mega-project in northern China. It also said the value of shares frozen far exceeded the amount in that dispute.
On Monday, the group suffered a credit-rating downgrade as it faces debt-repayment stress. It is also pursuing an initial public offering in Hong Kong of subsidiary Zhuhai Wanda which has stalled while awaiting regulatory approval.
($1 = 7.1368 renminbi)
