A senior executive of Dalian Wanda Group Co. was taken away by police in China, according to a local media report, spurring fresh concerns over the conglomerate.
(Bloomberg) — A senior executive of Dalian Wanda Group Co. was taken away by police in China, according to a local media report, spurring fresh concerns over the conglomerate.
Liu Haibo, senior vice president of Wanda Group, was taken away by the police, state-owned The Paper reported, citing unidentified people. The report didn’t offer further details. A representative for Wanda didn’t comment when reached by Bloomberg News.
Liu has been at Wanda for more than a decade, working as vice president in its former commercial properties unit, and later as a senior vice president at headquarters, according to various statements on the company website. He was still at the firm as of July 25, when he accompanied Chairman Wang Jianlin on a business trip to meet city officials in central Henan province, according to a company statement.
Read about Wanda’s efforts to avoid default
Wanda has experienced unprecedented volatility in credit markets recently. The conglomerate is one of the few Chinese junk-rated developers to have avoided defaulting on public dollar-debt.
Some offshore bonds issued by Wanda units fell after the news, according to prices compiled by Bloomberg. A note due January 2024 declined 0.8 cents to 49.6 cents as of noon.
–With assistance from Phila Siu.
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