China's Dalian Wanda appeals court decision to freeze shares (updated)

Wanda Hotel Development

08/06/2023 03:49

(Changes media packaging information; adds background on court
decision, context)
       BEIJING, June 8 (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 Chinese yuan renminbi)

 (Reporting by Beijing newsroom and Clare Jim in Hong Kong;
Editing by Himani Sarkar and Christopher Cushing)
 ((Ella.Cao@thomsonreuters.com;))