Dalian Wanda, the Chinese conglomerate bankrolling numerous projects at London’s Nine Elms development, has asked authorities to suspend trading in its stock overnight.
Stock in Wanda’s film unit slid 10 per cent in overnight trading in China. Meanwhile some of its corporate bonds fell nearly 11 per cent.
Wanda, founded by China’s second richest man, said the run on the group’s stock was caused by unfounded rumours.
In a statement the group said:
Today, someone on the internet viciously speculated that some banks, including China Construction Bank, issued a notice to dump Wanda’s bonds.
“After investigation, banks such as China Construction Bank have never issued such notices, and speculations online are just rumours. We hereby state that all operations are fine, and we sincerely hope that people will not trust or circulate rumours.”
Dalian Wanda yesterday splurged almost half a billion pounds to pick up a 10-acre plot at Nine Elms Square. It already owns the £1bn One Nine Elms project where it plans to build a 58-storey tower providing hundreds of homes alongside a five-star hotel.
The conglomerate has made a name for itself internationally by buying its way into Hollywood. Alongside owning the world’s largest cinema chain, AMC – which owns Odeon – the group bought Legendary Entertainment, the film producer behind blockbusters such as Godzilla and The Dark Knight Rises.