Dalian Wanda vows legal battle as Chinese court freezes US$270 million worth of shares amid stalled Hong Kong IPO
- The group is ‘appealing through legal channels and is confident in defending its legitimate rights and interests’, it said on Thursday
- The group faces liquidity concerns following failures by its its property-management unit to get approval for a Hong Kong IPO
Dalian Wanda Group, China’s largest commercial property developer, said Thursday it is fighting a legal battle over the freezing of 1.9 billion yuan (US$270 million) worth of shares it owns in a subsidiary amid a bumpy path to an initial public offering (IPO) in Hong Kong.
On Monday, a Shanghai court ordered 1.98 billion yuan worth of shares in the group’s property-management arm Dalian Wanda Commercial Management Group frozen until June 4, 2026. The court did not provide reasons.
The group is “appealing through legal channels and is confident in defending its legitimate rights and interests”, it said in a brief statement on Thursday.
“Wanda Real Estate Group and a company have cooperated in a large project, and there is still a financial dispute of more than 1 billion yuan between the two parties,” Wanda said in the Thursday statement. “The freezing of 1.9 billion yuan worth of shares greatly exceeds the amount of financial disputes between the two parties.”
