HONG KONG, Dec 12 Reuters Chinese property giant Dalian Wanda Group Co. has avoided an immediate repayment of more than 4 billion to its investors after reaching an agreement with them, according to a statement by the firm on Tuesday.

Wanda was due to repay about 30 billion yuan 4.18 billion plus interest to a group of investors in Wanda39;s mall operating unit, Zhuhai Wanda Commercial Management Group Co, before the end of this year if Zhuhai Wanda shares are not listed.

Under the new deal, the group of investors, including private equity investor PAG, has agreed to reinvest their money at the yearend deadline after Wanda pays back their original stakes, said the statement.

Under the arrangement, the group of investors will control about 60 of Zhuhai Wanda. Dalian Wanda, controlled by its billionaire founder Wang Jianlin, will hold 40 as the single largest shareholder, the statement said.

The group of investors put about 38 billion yuan into Zhuhai Wanda in 2021, of which PAG contributed about 18 billion yuan, it said.

Zhuhai Wanda has been outperforming its business targets for three consecutive years since 2021, delivering about 12 annual aftertax revenue growth on average, the statement said.

1 7.1775 yuan

Reporting by Xie Yu. Editing by Gerry Doyle

Source Reuters