Dalian Wanda says rumors about chairman’s detainment are “fabricated with ulterior motives”

Chinese conglomerate claims Wang Jianlin has been on an inspection tour in northwest China

TRD NEW YORK /
Aug.August 28, 2017 08:48 AM

Wang Jianlin

Shares of Dalian Wanda Group’sTRData LogoTINY Hong Kong-listed hotel and commercial property arm slid 11 percent Monday as the real estate company responded to claims that its chairman had been detained by government authorities and ordered not to leave the country.

Billionaire Wang Jianlin and his family had reportedly been detained by Chinese authorities on Friday at an airport in Tianjin and later released, but was barred from leaving China, the U.S.-based Chinese-language blog Bowen previously reported.

But Wanda released a statement saying the rumors were “concocted with ulterior motives” and allowed to continue because Wang was on an inspection tour in the northwest China city of Lanzhou, the Financial Times reported.

“Wanda Group solemnly states that all rumors have been entirely fabricated with ulterior motives, and hopes that everyone will neither believe nor circulate them,” the company wrote in the statement.

Wanda Hotel Development’s stock had recovered in the morning to be down by 8.1 percent.

Meanwhile, Wanda last week announced it was pulling out of plans to buy a plot of land in London for $606 million with no details about why. Wanda is one of five Chinese companies that had come under the eye of China’s Banking Regulatory Commission earlier this year for carrying too much debt and expanding too rapidly.

Anbang Insurance Group, another of the companies, recently saw the head of its real estate division leave amid uncertainty over the firm’s leadership. Its chairman, Wu Xiahui, was reportedly detained by government authorities earlier this year, and the firm in June said he turned over his duties for “personal reasons.”[FT] – Rich Bockmann


Related Articles

arrow_forward_ios
Workers disinfect an apartment complex in Wuhan (Credit: Feature China/Barcroft Media via Getty Images)

More than 100 Chinese real estate firms have filed for bankruptcy this year

Many wealthy Chinese have chosen to stay overseas during the outbreak. (Photo by TIZIANA FABI/AFP via Getty Images; Unsplash)

Coronavirus disruption is slowing down the global luxury market

Medical staff outside of a Beijing hospital in February 2020 (Credit: Getty Images)

Coronavirus is wreaking havoc on China’s landlords

China’s coronavirus outbreak appears to be slowing property sales activity in affected areas of China. (Credit: iStock)

How Chinese developers are exposed to Coronavirus

China’s prefabricated hospital in Wuhan on January 30. (Credit: Getty Images)

Building the Coronavirus hospital in just 10 days

(Credit: iStock)

Real estate created the Chinese elite. Here’s what happens next

UCommune Chairman Mao Daqing and the New York Stock Exchange

China’s largest co-working firm eyes a New York IPO

(Credit: iStock)

Here’s what the EB-5 rule changes mean for real estate

arrow_forward_ios
Loading...