Wanda Aims to Create Fund of Up to $12.4 Billion Backed by Malls
- Proceeds would be used to help pay taxes, debt, people said
- Firm met with some creditors in Hong Kong this week: people
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China’s biggest mall operator, Dalian Wanda Commercial Management Group Co., has told some investors it plans to establish a fund of about 50 billion to 90 billion yuan ($6.9 billion-$12.4 billion) to pay taxes and debt, people familiar with the matter said.
The key unit of Wanda Group, among the few major Chinese real estate companies to avoid public defaults during an unprecedented property crisis, aims to complete the fundraising by 2025, company officials said in meetings with bondholders in Hong Kong this week, according to the people.