Wanda Hotel shares suspended as overhaul expanded

BEIJING - Billionaire Wang Jianlin is planning a reorganization of Wanda Hotel Development Co, expanding an overhaul of the Chinese tycoon's property-to-entertainment empire.

Shares of Wanda Hotel were suspended from trading on Wednesday, pending the release of information involving a letter of intent that was signed on a "possible asset restructuring" with a person connected to the company, according to a Hong Kong stock exchange filing.

A representative of Wanda Hotel, which consists mostly of overseas property projects under construction, declined to comment beyond the statement.