The CEO of real-estate giant Wanda Group Inc. Wang Jianlin, told Caixin Global that the company has pledged not to default on any further debt obligations, as it continues its process of selling foreign assets.
Concerns have been growing around Wanda’s liquidity, with over $500 million of repayments of offshore loans due in March. To raise the funds Wanda has been shedding both domestic and foreign assets, reducing its holdings by 11.5% in 2017 to $109 billion.
Wanda plans to continue on this track, and has recently promised to sell its majority stake in One Nine Elms, London, for $250 million. Wang states that he hopes to achieve growth this year, noting that Wanda only needs to sell half of its overseas assets to meet debt requirements.
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