Dec. 15 (NBD) -- Dalian Wanda Group Co. (Wanda) denied allegations by a Chinese blogger that the conglomerate was running out of cash and that its 1 trillion yuan (151 billion U.S. dollars) worth of assets had shrunk by more than half in value.

In a statement issued on Thursday, Wanda said that the company has over 200 billion yuan (30 billion U.S. dollars) in its cash accounts and posts a revenue of over 200 billion yuan (30 billion U.S. dollars) this year, adding that all operations are normal, with no debt defaults.

On Monday, a Wechat account named "ibaoyouqu" published an article that said Wanda had been facing cash crunch and faltering business. The article, titled "Wang Jianlin's Waterloo", was later shared by several news portals and online forums.

Wanda accused the author of implicating that Wanda had compromised China's Belt and Road Initiative by overbidding a consortium led by a Chinese state-owned enterprise at the Bandar Malaysia project.

The article said Wang had offered twice the amount that the consortium had proposed to pay.

The company said the project was referred to it by the Chinese government. It sent an inspection team over there in March but did not engaged in any price negotiations.

Wanda had reported the case to the police, saying that the article constitutes vicious defamation and slander to Wanda and the chairman Wang Jianlin. Denouncing the allegations made in the article as "totally groundless", Wanda said it would take legal actions against the author and the Wechat account.

In response to the allegation of deflated assets made in the article, Wanda said in the statement that the company this year still keeps a fast expansion pace of opening 50 Wanda Plazas, which are the core asset of Wanda.

Wanda Plaza integrates retail, leisure, hotels and residential into one fully functional complex, and Wanda now owns 230 such developments across China.

Wanda also refuted the allegation that Wanda's capital was all borrowed from banks, saying that the company had over 300 billion yuan (45 billion U.S. dollars) in equity as of 2016, and its equity will continue to increase in 2017.

In the statement, Wanda said it has a very low employee turnover rate among large private Chinese enterprises, contrary to the article which claimed that Wanda's average turnover period was 13 months.

With regard to the departure of two vice presidents which was given much public attention, Wanda explained that those resignations were voluntary early retirements, and that the individuals still hold Wanda stock.

The statement also denied the group had any connection with two allegedly corrupt Chinese officials over its property projects in Jilin and Yunnan provinces.

Email: gaohan@nbd.com.cn