Dalian Wanda Commercial Management Group, a key unit of Dalian Wanda Group, is asking to push back the maturity date for a US$600 million (4.28 billion yuan) bond, according to a statement to the Hong Kong Stock Exchange.
The 7.25 percent note is set to mature in January 2024, Wanda plans to extend the maturity on it by almost a year to December 29, 2024.
Due to the ongoing downturn in the real estate industry and the continuous rise in overseas capital market interest rates, the company is facing certain difficulties in refinancing.
This adjustment plan will be executed in four installments within one year. It does not involve adjustments to other publicly issued bonds, and there are no plans for future adjustments. Repayment will be sourced from stable rental income and dividends from Zhuhai Commercial Management. Wanda said the repayment plan has been carefully arranged and is expected to be fully realized.