Dalian Wanda's Bonds Reopened a Market. They Have Tumbled This Week.
ed $1.6 billion of debt in January Dalian Wanda Commercial Management Group, a Chinese commercial property company, reopened Asia's junk-bond market earlier this year with an issuance of $1.6 billion. However, these bonds have now plummeted in value this week.
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Dalian Wanda Commercial Property owns and operates shopping centers in China. (Qilai Shen/Bloomberg News)
Dalian Wanda Commercial Management Group sold a $300 million bond the following month, after issuing a $400-million bond in January. The two bonds fell in value this week after media reports revealed the company's liabilities.
The selling continued throughout the week and the price of a bond reached 62 cents for every dollar on Friday afternoon in Hong Kong.