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Talks on asset-swap deal scrapped
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BEIJING Soft Rock Investment Group said yesterday that it has scrapped an asset-swap deal with Dalian Wanda Group, which is seeking a backdoor listing for its commercial property business in Shanghai.
Soft Rock said in a statement that it had been in discussions with Dalian Wanda Group, owned by China’s richest man Wang Jianlin, to issue company shares in exchange for all the shares in Dalian Wanda Commercial Properties.
“After repeated discussion, all the parties were not able to reach consensus on the timetable of the asset restructure,” said the company, whose shares have been suspended since September 26.
Dalian Wanda Group declined to comment.
Dalian Wanda Commercial Properties was delisted from Hong Kong on September 20 via a US$4.4 billion buyout, and the company aimed to relist it in China’s mainland where it hopes for a higher valuation.
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