Wanda dismisses reports chairman barred from travel

Hong Kong-listed shares and bonds of Chinese billionaire Wang Jianlin’s Dalian Wanda Group plunged for the second time in two months on Monday, following what the company called rumors about its leader being barred from leaving the country. Shares of Wanda Hotel Development, the Chinese real estate and entertainment giant’s hotel and commercial-property arm, fell as much as 11% before recovering. Shares were recently down 6.4% at HK$1.62 after Wanda Group issued a statement denying an overseas travel ban on Wang was in place. The company was responding to reports on Chinese social media that Wang was detained by police at Tianjin’s airport on Aug. 25 and barred from taking a private jet to the UK. The reports said Wang was released but was told not to leave China, The Wall Street Journal reports. Wanda said it reported the rumor’s distribution to police and other authorities and was prepared to take legal action to protect itself.