Beijing Soft Rock says scraps asset-swap deal with Dalian Wanda
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Wang Jianlin, chairman of the Wanda Group, speaks during an interview in Beijing, China, August 23, 2016. REUTERS/Thomas Peter/File Photo
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HONG KONG (Reuters) - Beijing Soft Rock Investment Group <000609.SZ> said on Monday it had scrapped an asset-swap deal with Dalian Wanda Group, which is seeking a backdoor listing for its commercial property business in Shanghai.
But Wanda, owned by China's richest man, Wang Jianlin, said on its website on Tuesday that it had not had any formal negotiations with Beijing Soft Rock regarding restructuring of Dalian Wanda Commercial Properties.
Dalian Wanda Commercial Properties was delisted from Hong Kong on Sept. 20 via a $4.4 billion buyout and the company aimed to relist in China where it hoped it would get a higher valuation.
"Both parties were in preliminary contact, and had not been in any negotiation regarding restructuring of Dalian Wanda Commercial Properties," Wanda said, adding Beijing Soft Rock had sent the statement without Wanda’s knowledge and was exaggerating.
Soft Rock said in the statement on Monday that it had been in discussions with Dalian Wanda Group to issue company shares in exchange for all the shares in Dalian Wanda Commercial Properties [DWNDF.PK].
"After repeated discussion, all the parties were not able to reach consensus on the timetable of the asset restructure," the company, whose shares were suspended from Sept. 26 till Nov. 22, said.
Soft Rock shares soared 9.99 percent on Tuesday upon resumption of trading.
(Reporting by Clare Jim and Twinnie Siu; Editing by David Clarke and Muralikumar Anantharaman)
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