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Wanda Drops on Reports Wang Jianlin Stopped at Airport

  • $600 million 2024 notes fell as much as 3 cents on the dollar
  • Shares on Wanda Hotel Development drop as much as 11 percent
Prospective customers look at a model of the Dalian Wanda Group Co. Oriental Movie Metropolis at a real estate showroom inside the project site in Qingdao, China, on Saturday, March 25, 2017. Billionaire Wang Jianlin has ambitions to make Wanda one of the world's biggest companies. The group, which had operating revenue of under $40 billion last year, has forecast its sales will climb to $100 billion by the end of the decade, generate profits of $10 billion and have a market value of $200 billion.
Photographer: Gilles Sabrie/Bloomberg
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Bonds and shares of Dalian Wanda Group Co. units fell after Chinese media reported that its billionaire Chairman Wang Jianlin and his family were stopped at Tianjin airport near Beijing as they were about to depart for London on Friday. A company denial helped the assets rally later in the day.

The $600 million of 2024 notes sold by Wanda Properties International Co. dropped as much as 3 cents on the dollar to 98 cents, the lowest since July 19, before paring losses to 99.7 cents as of 5:45 p.m. in Hong Kong. Shares of Wanda Hotel Development Co., Wanda’s only traded unit in Asia, plunged as much as 11 percent and ended the day 8 percent lower.