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Business

Dalian Wanda denies cash crunch, says it has $30bn on hand

Chinese developer threatens criminal complaint over financial rumors

Wanda issued a statement on Thursday maintaining that the article "constitutes vicious defamation and slander to Wanda Group and [chairman] Wang Jianlin. Many allegations are totally groundless."   © Reuters

HONG KONG -- Chinese conglomerate Dalian Wanda Group said it would take legal action against an online media outlet over an article that claimed the group was running out of cash amid an official crackdown on capital outflows and corporate debt.

In a statement issued on Thursday, Wanda refuted eight allegations made in the article including the claim that its 1 trillion yuan ($151 billion) assets had shrunk by more than a half, and it had connections with corrupt officials.

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