Sumary of China’s Wanda raises nearly US$:
- HONG KONG : Chinese conglomerate Dalian Wanda Group has raised nearly US$6 billion for its commercial property management business ahead of its Hong Kong IPO, in one of China’s biggest such fundraising this year, four people with direct knowledge told Reuters.
- Hong Kong-based private equity firm PAG led the fundraising, with US$2.8 billion for the unit – Wanda Light Asset Commercial Management Co, said three of the sources.
- PAG’s investment includes a US$1.9 billion equity portion and US$933 million from a syndicated loan facility, two of them added.
- Other investors include developer Country Garden, private equity firm CITIC Capital and tech giants Tencent Holdings and billionaire Jack Ma’s Ant Group, said the two sources.
- The fundraising underscores investors’ confidence in the Chinese commercial property market even as Beijing unveiled new measures over the past year as part of its efforts to clamp down on irregularities and cool the debt-laden real estate sector.
- Wanda Light Asset is valued at US$28 billion in the pre-IPO fundraising, slightly below its earlier target of 200 billion yuan (US$31 billion), said three of the people.