Dalian Wanda Commercial said to prepare US$6 billion Hong Kong IPO
DALIAN Wanda Commercial Properties Co, the commercial real estate unit of billionaire Wang Jianlin’s conglomerate, is planning an initial public offering in Hong Kong that may raise as much as US$ 6 billion, said a person with knowledge of the matter.
China International Capital Corp. and HSBC Holdings Plc are working on the IPO for the Beijingbased subsidiary of Dalian Wanda Group Co, the person said, asking not to be identified because the information is private. Dalian Wanda Commercial may start the offer early next year, the person said.
Dalian Wanda Commercial is seeking funds in what would be Hong Kong’s biggest property initial public offering ( IPO), as slowing money supply puts pressure on Chinese real estate firms. China’s broadest measure of money supply rose 12.8 per cent in August from a year earlier, the slowest pace in five months and below economists’ forecasts for 13.5 per cent growth, the official Xinhua News Agency reported Premier Li Keqiang.
The company operates 95 shopping malls and 60 five- star hotels across China, according to Dalian Wanda Commercial’s website. I
t plans to add 24 malls and 18 five- star hotels this year, the website shows.
Dalian Wanda Commercial shelved its plan to go public in Shanghai this year after unsuccessfully seeking approval, according to the website of the China Securities Regulatory Commission.
The company also acquired a majority stake in a Hong Kongtraded firm last year for a potential back- door listing.
Li Haifeng, a spokesman for Dalian Wanda Commercial, declined to comment. IFR reported the IPO plan on Sept 5. — Bloomberg