Deals
Wanda Says It’s Finalizing Asset Disposal, Bonds Jump by Record
- Wanda Commercial told creditors it may complete sale this week
- Firm plans to use proceeds to repay dollar bond due July 23
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One of China’s most closely watched property firms, Dalian Wanda Group, rallied by a record Thursday in credit markets as a key unit told some creditors it’s finalizing an asset disposal to help pay down a dollar bond due in just days.
Representatives of Dalian Wanda Commercial Management Group Co. told the creditors that the firm expects to complete the asset disposal as early as this week and plans to use the proceeds to repay its $400 million bond due July 23, people involved in the private conversations said. The representatives wouldn’t specify what the asset is, according to the people, who asked not to be identified discussing private matters.