China’s Wanda Group says stake sales report ‘inconsistent with the facts’

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China’s Dalian Wanda Group has denied the report about sale of its stake in Legendary Entertainment and divesting from its sports assets as “seriously inconsistent with the facts”.

Global news agency Reuters had earlier today (Friday) reported, citing sources, that the Chinese conglomerate was exploring the sale of part of its Hollywood film studio and the full sale of its sports assets to reduce its offshore holdings under pressure from Beijing.

The Dalian Wanda group has investments across many industries including construction, entertainment, media, industrial manufacturing, financial services, high technology, hospitality, real estate, retail, healthcare, and sports.

Headquartered in Beijing, the Wanda Group it ranked 380th on the Fortune Global 500 List in 2017 with an annual turnover of $35.29 billion.

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