DALIAN, China -- Cash-strapped developer Dalian Wanda Group, a major Chinese conglomerate and the country's largest shopping mall operator, is selling off core businesses, including its commercial facility management and movie divisions, to avoid bankruptcy.
Dalian Wanda Commercial Management Group, the group's main company, continues to walk a financial tightrope. At a creditors meeting on Wednesday in Hong Kong, a plan was formally approved to delay the redemption of $600 million in debt maturing at the end of January by up to 11 months. Although a default early next year has been averted, the crisis is not over.
