Three senior executives of Dalian Wanda under investigation – report

 

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Three senior executives of Dalian Wanda Group have landed in hot water with authorities, spurring fresh concerns over the conglomerate.

Liu Haibo, the senior vice president of Wanda Group, was taken away by the police, state-owned The Paper reported, citing unidentified people. The report didn’t offer further details.

Liu has been at Wanda for more than a decade, working as vice president in its former commercial properties unit, and later as a senior vice president at headquarters. He was still at the firm as of July 25, when he accompanied chairman Wang Jianlin on a business trip to meet city officials in central Henan province.

Caixin Global reported that two other Wanda executives are under investigation over a project in eastern China.

Wanda has experienced unprecedented volatility in credit markets recently. The conglomerate is one of the few Chinese junk-rated developers to have avoided defaulting on public US dollar debt.