Wanda shares tumble on rumours chairman detained
Bowen Press reported yesterday that Wang Jianlin, one of China's richest men and director of the Dalian Wanda Group, was stopped at Tianjin airport on Friday as he attempted to fly to London. The report said he was released after several hours but told he could not leave China. Wang has been in the headlines for the past few months over various restructurings as Wanda Group faced growing financial difficulties. Debt problems have caused the company to sell off assets such as theme parks and hotels. Wanda also abandoned major projects, including Wang's ambitious plan to invest billions of dollars into Hollywood studios.
Wanda Group released a statement saying that in recent weeks "certain individuals with ulterior motives have created and spread various vicious rumours" about supposed restrictions placed on Wang. "Wanda Group strongly reiterates that all of these rumours are utterly baseless and have ulterior motives behind them," it added. But the Hong Kong-listed shares of Wanda Hotel Development Co plunged on the same day.
Wanda has diversified rapidly in recent years from commercial property into entertainment, theme parks, sports and other sectors, and is now reportedly facing difficulty paying off debts run up in its buying sprees.
It said in July it was selling off 77 hotels and several other tourism-related assets in a huge deal worth US$9.3 billion to Guangzhou-based R&F Properties. Recent reports have said China plans to squeeze Wanda by cutting off new loans and regulatory approvals for deals, punishing it for breaching Chinese restrictions on overseas investments.
Let´s take a look at a few of the largest Wanda hotel projects currently under construction. More contact details of these Hotels and the suppliers and architects involved can be found on the TOPHOTELPROJECTS database:
WANDA VISTA, Gold coast, Australia
Located on Old Burleigh Road in Broadbeach, the three-tower development will include a three-level podium, a six-star hotel comprising 171 suites and 512 one, two and three-bedroom luxury apartments and premium residences. [READ MORE…]
Wanda Vista London
One Nine Elms will consist of two towers measuring 200m and 160m, including 439 private residential units, 52 affordable housing units and a 187-room, five-star luxury hotel. [READ MORE…]
Wanda Vista Chicago
The building will be composed of three connected towers. Each tower will be a different height, with the westernmost being the tallest. The towers will have 47, 71 and 93 stories, respectively. [READ MORE…]
More information on Wanda Hotels & Resorts can be found on TOPHOTELPROJECTS, the specialized service provider in the exchange of cutting-edge information of hotel construction in the international hospitality industry.
Lennart Kooy
associate partner TOPHOTELMEDIA
TOPHOTELPROJECTS
