Wanda refutes cash flow cut, denies price nego for Bandar M’sia

Modified 15 Dec 2017, 9:41 am

Chinese conglomerate Dalian Wanda Group Co has denied facing a cash crunch and said it had never engaged in price negotiations to be Bandar Malaysia’s master developer.

The Beijing-based group stated on its website yesterday that it had billions in cash accounts and denied it ever formally bid for the project.

“Wanda’s cash currently exceeds RMB200 billion (RM123.4 billion) and its revenue in 2017 is expected to surpass RMB200 billion (RM123.4 billion) as well. All of its businesses are operating normally worldwide without any debt defaults.

“Regarding the Bandar Malaysia project, Wanda participated in investment negotiations following the recommendation of the relevant authority within the Chinese government.

“Wanda only dispatched a team for site inspection once in March without any price negotiations carried out, so it is groundless to report that Wanda’s quotation is twice that of the others,” said the world’s biggest property developer.

According to Bloomberg, the statement was in response to a post by blogger “ibaoyouqu" on Chinese networking site WeChat that alleged the Chinese government had penalised Wanda after it offered twice what state-owned firms were offering for Bandar Malaysia...

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