Wanda denies president detained. Shares tumble by 10%

Over the weekend, rumors circled that Wang Jianlin and his family were detained at Tianjin Airport. The company denies and accuses "individuals with additional motives".

Beijing (AsiaNews / Agencies) - The Wanda group, among the most powerful in China, denied that its president was detained by the Chinese authorities. The news that was circulated this weekend by the US-based Boxun site has resulted in a 10 percent drop in Wanda's shares.

Wanda is one of the largest economic groups, with investments in real estate construction, hotels, and amusement parks. Its boss, billionaire Wang Jianlin (see photo), is considered to be the richest man in China. In previous months, the government curbed Wanda’s overseas investment, blocking acquisitions in Great Britain and the United States.

Boxun reported that Wang and his family were stopped by police at Tianjin airport where he was set to board a private plane for Great Britain.

Today, Wanda's official statement states that "that “individuals with ulterior motives have recently created and spread various vicious rumors regarding the chairman of Wanda Group" and that "all of these rumors are utterly baseles."

On Hong Kong's stock market, Wanda Hotel Development dropped by 10%, then settled at minus than 4.62. Some title related to the Group's properties fell 2.4%.

Wanda said it will sue media responsible for broadcasting rumors.

This Wanda’s second stock market tumble in just a few months. A similar thing happened in June after a series of surprise checks that showed a large volume of company debts. Last month, in order to balance its situation, Wanda sold hotels and amusement parks worth $ 9.5 billion.

• China
• economy
• wanda
• wang jian lin
• crisis
• subprime
• foreign debt