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Chinese property developer Dalian Wanda has sold a 60% stake in its mall unit to a group of investors including PAG, CITIC Capital, Abu Dhabi Investment Authority, Mubadala and Ares Management. Proceeds from the stake sale amount to $8.3bn, providing a sizeable boost to Wanda’s liquidity. Dalian Wanda will continue to hold 40% in the holding company of Zhuhai Wanda Commercial Management Group known as Newland Commercial Management. Newland manages 496 large shopping malls across China and is said to have a “competitive edge and first mover advantage”, as per PAG. Wanda has been pursuing the sale of several of its businesses in order to raise funds. For instance, in January, Wanda sold its luxury hotel in Shanghai to Indonesian billionaire Sukanto Tanoto for over $200mn.
Wanda’s dollar bonds were trading stable with its 11% 2026s at 71 cents on the dollar, yielding 33%.
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