Date
11 December 2017
Skyscrapers dominate the Dalian Wanda Center in Dalian. Dalian Wanda Commercial Property is China's biggest mall developer. Photo: Bloomberg
Skyscrapers dominate the Dalian Wanda Center in Dalian. Dalian Wanda Commercial Property is China's biggest mall developer. Photo: Bloomberg

Dalian Wanda CP raises US$3.7 bln in Hong Kong IPO

Dalian Wanda Commercial Properties, China’s biggest developer of shopping malls, has raised US$3.7 billion in a Hong Kong initial public offering after selling the shares near the high end of an indicative price range, the Wall Street Journal reported on Tuesday, citing unnamed sources.

The amount makes it the largest-ever listing by a real estate company globally, besting the 2010 debut of Singapore’s Global Logistic Properties, the newspaper said, citing data from Dealogic. 

The company is the property arm of Dalian Wanda Group, which bought US cinema chain AMC Entertainment Holdings two years ago. It is controlled by billionaire Wang Jianlin.

Dalian Wanda CP sold 600 million shares at HK$48 (US$6.19) apiece, near the high end of a price range of HK$41.8 to HK$49.6 a share, the sources said.

With the latest listing, Hong Kong rises to the second spot among global listing destinations from No. 4 previously, the report said. The New York Stock Exchange is still on top of the list, while the Nasdaq Stock Market and the London Stock Exchange follow Hong Kong.

Dalian Wanda CP has 178 projects in 112 cities and 29 provinces across China. At the end of June, its debt-to-equity ratio was 87.8 percent, the report said, citing its listing prospectus.

– Contact us at [email protected]

CG

EJI Weekly Newsletter

Please click here to unsubscribe