Wanda sues over Wang Jianlin rumors

Dalian Wanda Group, the property and entertainment giant controlled by billionaire Wang Jianlin, has filed defamation suits against at least 10 Chinese social media accounts that published reports the company says sent its shares and bonds tumbling. According to a copy of one lawsuit reviewed by The Wall Street Journal, Wanda is taking issue with claims that Wang was detained by police at Tianjin’s airport last month and barred from leaving China. The lawsuit said the social media report was false but widely read and forwarded online, “triggering a market panic” that led to a drop in Wanda’s bond prices and a nearly 10% decline in the shares of its publicly listed unit in Hong Kong, according to Wanda’s lawsuit. In a statement, Wanda said the suits have been accepted by Chinese courts and that it is seeking 5 million yuan ($765,000) in damages as well as a public apology from the social media accounts.