HONG KONG : China Ruyi Holdings, a movie production and online streaming company, said one of its subsidiaries will buy a 49 per cent stake in an investment unit of Dalian Wanda Group for 2.3 billion yuan ($320.08 million).The share disposal was expected to help Dalian Wanda, China's largest commercial pr
HONG KONG : China Ruyi Holdings, a movie production and online streaming company, said one of its subsidiaries will buy a 49 per cent stake in an investment unit of Dalian Wanda Group for 2.3 billion yuan .
The share disposal was expected to help Dalian Wanda, China's largest commercial property developer, with the refinancing of a $400 million bond that had been due on July 23. Wanda transferred funds to repay the bond, financial information provider REDD reported on Saturday.
After the deal is completed, Shanghai Ruyi, China Ruyi's unit, will hold 49 per cent in Beijing Investment. Shares of China Ruyi plunged as much as 10 per cent in early morning trade, after jumping 8.3 per cent soon after opening. The shares resumed trading on Monday after being suspended on Friday. Ruyi said the deal will expand its investment portfolio to enhance its investment returns and benefit shareholders with high quality assets.
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