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Troubled property-to-entertainment conglomerate Dalian Wanda Group is considering the sale of 20 shopping centers in Shanghai, Jiangsu province and Zhejiang province, each seeking a valuation of about 700 – 800 million yuan, reported Chinese news outlet Jiemian.
One shopping mall in the financial hub of Shanghai may see its price reach as high as 1 billion yuan, according to the report.
Wanda Group has declined to comment on the media report.
That came as onshore and offshore bonds issued by Wanda’s subsidiaries tumble amid renewed market concern about its financial health and the fading prospects of a Hong Kong share sale by one of its units.
A five-year, 3.8 billion yuan ($538.6 million) onshore bond issued by Dalian Wanda Commercial Management Group Co. Ltd. plunged almost 11% Monday to 77.6 yuan and tumbled a further 3.2% Tuesday to the lowest since November.