Wanda's Bond Shortfall Sends Shockwaves Through Market
Originally Published 2 years ago — by Yahoo Finance
Dalian Wanda Group, one of China's prominent property firms, has warned of a $200 million funding shortfall just days before a key dollar-bond payment, raising concerns about credit risk in the country's slowing economy. The unit, Dalian Wanda Commercial Management Group, is still raising funds for a $400 million note that matures on July 23 and faces a funding gap for repayment. The news comes as China's economy shows signs of losing momentum, particularly in the property sector, which is experiencing a worsening downturn. Wanda's bond has plunged, and the firm's debt concerns have been circulating for months. Moody's and Fitch have downgraded Wanda Commercial's ratings, citing weakened funding access.
