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☆ Explainer: Dalian Wanda's repayment woes weigh on China property sentiment
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

HOW MUCH DEBT DOES DALIAN WANDA HAVE? Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country. WHAT IS NEXT FOR DALIAN WANDA? If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. "The extreme volatility in Dalian Wanda's bond prices shows how fearful and emotional the market is at this point."

Persons: DALIAN WANDA, China's, Wang Jianlin, Wanda Commercial, Wanda, Sandra Chow, Scott Murdoch, Jamie Freed Organizations: Dalian Wanda, DALIAN, Dalian Wanda Group, Dalian Wanda Commercial Management, Zhuhai, Bloomberg News, Country Garden, HK, Ocean Group, Thomson Locations: HONG KONG, Dalian, Hong Kong, Asia, Pacific, Sydney

☆ Asian shares subdued after US tech falters, dollar and yields hold gains
▼ + stars: | 2023-07-21 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.5%, heading for a weekly loss of 1.8%. Shares of Taiwanese chipmaker TSMC (2330.TW) slumped 3.3%, after the world's largest contract chipmaker flagged a 10% drop in 2023 sales. The U.S. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents. Brent crude futures were up 0.8% at $80.27 per barrel and U.S. West Texas Intermediate crude futures rose 0.8% to $76.25.

Persons: BOJ, TSMC, HSI, Wanda, Betty Wang, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Tesla, Treasury, Nasdaq, U.S . Federal Reserve, European Central Bank, Bank of Japan, Japan's Nikkei, HK, ANZ, U.S, Australian, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan, China, Beijing, Europe

☆ Asian shares fall after US tech falters, dollar and yields hold gains
▼ + stars: | 2023-07-21 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.5%, heading for a weekly loss of 1.8%. China's bluechips (.CSI300) dipped 0.2% while Hong Kong's Hang Seng index (.HSI) bucked the trend with a gain of 0.4%. The onshore yuan was 0.2% higher at 7.1674 per dollar after the central bank set a much stronger guidance rate than expected. The U.S. dollar index was little changed at 100.78, after advancing 0.5% overnight, the biggest one-day gain since mid-May. The Australian dollar gave up almost all of its gains made after a strong local jobs data release to hover below 68 cents.

Persons: BOJ, Tesla, TSMC, China's, Wanda, Tony Sycamore, Stella Qiu, Lincoln Organizations: Netflix, Fed, ECB, Treasury, U.S . Federal Reserve, Bank of Japan, Japan's Nikkei, Authorities, Nasdaq, Tesla, IG, Microsoft, Apple, Meta, Federal Reserve, U.S, Australian, European Central Bank, TD Securities, Brent, . West Texas, Thomson Locations: SYDNEY, U.S, Asia, Pacific, Japan

"That doesn't get them completely out of the woods," said one Country Garden bondholder, who declined to be identified, adding that the developer was facing a further batch of bonds payments in coming months. "If sales don't improve people will worry about the repayment ability for developers like Country Garden who have large exposure in smaller cities," Cheng said. "Country Garden is a top developer in terms of sales. It has been another week of unsettling news in the property market in China. Other efforts are needed to boost buyers’ sentiment about the long-term trajectory of the property market," they added.

Persons: Raymond Cheng, Cheng, Friday's, Wanda, China's, Wang Jianlin, DWCM, selloff, Yao Yu, Wanda Commercial's, Ankur Banerjee, Jason Xue, Clare Jim, Xie Yu, Marc Jones, Tom Hogue, Robert Birsel, Sharon Singleton, Frances Kerry Organizations: HK, CGS, CIMB Securities, Dalian Wanda Group, ANZ, Dalian Wanda Commercial Management, P, JPMorgan, Reuters Graphics, Thomson Locations: SINGAPORE, HONG KONG, Hong Kong, China, Beijing, Greenland, Dalian, Singapore, Shanghai, London

☆ China's Dalian Wanda appeals court decision to freeze shares
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

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. 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. It also said the value of shares frozen far exceeded the amount in that dispute. 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 CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Himani Sarkar, Christopher Cushing Organizations: Dalian Wanda Group, Dalian Wanda Commercial Management Group, Zhuhai, Beijing, Clare, Thomson Locations: BEIJING, Shanghai, China, Hong Kong

☆ China's Douyin says has held early talks with Wanda on payments unit
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, May 31 (Reuters) - ByteDance's short video app Douyin said on Wednesday that it has held preliminary talks with Dalian Wanda Group over the conglomerate's payments unit. Bloomberg reported on Wednesday, citing people familiar with the matter, that Wanda was in talks with prospective buyers include China's ByteDance to sell its digital payments licence for about 1 billion yuan ($144 million). A spokesperson for Douyin, the Chinese version of TikTok, declined to provide further comment beyond acknowledging the preliminary talks. Wanda bought its payments licence in 2014 from 99Bill in a deal that allowed visitors to Wanda's venues, from department stores to cinemas, to pay online. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Josh Ye and Clare Jim in Hong KongOur Standards: The Thomson Reuters Trust Principles.

Persons: Wanda, Wang Jianlin, ByteDance, Josh Ye, Clare Jim Organizations: Dalian Wanda Group, Bloomberg, Douyin, Zhuhai Wanda Commercial Management Group, Thomson Locations: HONG KONG, Hong Kong, 99Bill

The company is the property services arm of commercial property developer Dalian Wanda Group. A presentation by Wanda Commercial Management Group seen by Reuters said the book received 3.7 times over-subscription, with $500 million orders from long-only funds, including Blackrock, Fidelity, Pictet AM, Invesco and PAG. "This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added. Dalian Wanda Group did not immediately respond to a request for comment while its commercial management arm could not be immediately reached. Unlike many other Chinese developers who focus on residential projects, Dalian Wanda Group relies on rental income and has an asset-light model.

☆ China’s Junk-Bond Market Creaks Open With a $400 Million Sale
▼ + stars: | 2023-01-12 | by ( Frances Yoon | ) www.wsj.com time to read: 1 min

HONG KONG—A Chinese commercial property company sold U.S. dollar bonds on Thursday with yields topping 12%, reopening the market for junk debt from the country after a wave of defaults last year. Dalian Wanda Commercial Management Group Co., which operates shopping malls across China and is controlled by Chinese billionaire Wang Jianlin , tested investors’ appetite for risk this week with a two-year bond offering by one of its units.

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