Dalian Wanda’s property management unit applies to list in Hong Kong to raise ‘up to US$4 billion’
- The company is part of Chinese conglomerate Dalian Wanda Group, controlled by its billionaire founder Wang Jianlin
- Local media reported the company is seeking to raise between US$3 billion and US$4 billion
The mainland China-based company, which is 69.99 per cent owned by Dalian Wanda Commercial Management Group (DWCM), a Chinese conglomerate controlled by its billionaire founder Wang Jianlin, is seeking to raise between US$3 billion and US$4 billion, according to media reports.
The filing document posted on the stock exchange website did not mention the amount of funds targeted. DWCM also has an indirect 8.84 per cent interest in Zhuhai Wanda.
The company said its profit in 2020 was 1.1 billion yuan (US$172 million), 8.8 per cent lower than the previous year. In the first half of this year, it turned a profit of 655.5 million yuan, about 20 per cent less than the 817.1 million yuan it made in the same period last year.
Zhuhai Wanda’s liabilities-to-assets ratio rose to 95.8 per cent in 2020 from 80.4 per cent in 2019. As of the end of June this year, the ratio was down to 80.4 per cent again.
