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Investors flee from billionaire Wang's Wanda shares, bonds

Bloomberg Published on Thu, Jun 22, 2017 / 4:40 PM GMT+8

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(June 22): Billionaire Wang Jianlin’s Dalian Wanda Group Co. was in focus on Thursday as the shares and bonds of its units plunged.

Wanda Film Holding Co. tumbled as much as 10% in Shenzhen, its biggest loss since January 2016, before its shares were suspended from trading. Wanda Properties International Co.’s 2024 notes plunged as much as 10.7 UScents on the dollar to 101 UScents in morning trading in Hong Kong, the biggest drop on record, according to Bloomberg-compiled data.

The group said in a statement that the rout may have been caused by speculation that banks were issuing notices that they will sell Wanda bonds. The rumor is false, Wanda said.