Dalian Wanda Secures Bondholders' Consent to Extend US$600 Million Bond Maturity

The extension by 11 months provides relief to the commercial landlord amid a funding crisis and industry slump.

Dalian Wanda Commercial Management Group has won consent from bondholders to extend the maturity of a US$600 million bond by 11 months.
The bond, which pays a 7.25% annual coupon, was due on January 29, 2024, but will now mature on December 29, 2024.
The group received consent from investors holding 99.3% of the face amount of the bond.
Dalian Wanda has been struggling with a liquidity crunch and warned of a funding shortfall just days before redeeming a US$400 million bond.
China's property sector has witnessed more than US$100 billion worth of bond defaults since Beijing introduced the 'three red lines' policy in August 2020.