The market is closely watching whether a unit of Dalian Wanda Group will make a repayment deadline for a $400 million dollar bond early next week, as a failure would weigh on already weak market confidence in China's property sector.
Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country.
Wanda Commercial has around 6.7 billion yuan of onshore bonds maturing and puttable through June 2024, according to Moody's, and $1 billion of offshore bonds coming due in the period. But the market is also concerned about Dalian Wanda's other commitments like a share repurchase agreement of about 40 billion yuan if unit Zhuhai Wanda fails to complete an initial public offering in Hong Kong later this year.Wanda Commercial has a $400 million dollar bond due on Sunday, but because it is not a business day, the payment date will be delayed to Monday.
If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. The next debt maturity offshore is in January 2024 for a $600 million bond.Analysts said Wanda's repayment woes are making investors jittery because it was one of the few private developers that survived the property downturn during the past three years. It also managed to issue two bond tranches earlier this year in rare market issuances.
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