SHANGHAI: Chinese property-to-cinema conglomerate Dalian Wanda Group said on Thursday that its 2017 revenues had surpassed 200 billion yuan ($30.25 billion), responding to a local online media report that questioned the group’s financial health.
The acquisitive developer, which has been rattled this year by a government-led crackdown on overseas deals and high levels of corporate debt, said that its operations were normal and pointed to a cash position of 200 billion yuan.
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“The firm’s operations are normal and globally we have not defaulted on any loans,” Wanda wrote in a statement posted on its website. The statement came after a blog report said, among other things, that Wanda was facing cash flow issues.
Chinese conglomerates have become increasingly sensitive to suggestions of financial woes this year amid rising scrutiny by regulators of perceived “risky” investments and high levels of corporate debt.
Wanda said earlier this year that 2016 revenue fell 13.9 percent from a year ago, but did not give an exact figure. The group reported 290.2 billion yuan in revenue in 2015.
A Wanda official could not confirm whether the new figure referred to contract or operating income, but said the number was “not audited yet”.
