Dalian Wanda's property management unit applies to list in Hong Kong to raise up to US$4 billion

Asia's Tech News Daily

Dalian Wanda Group, estimated at US$14.5 billion by Forbes

Zhuhai Wanda Commercial Management Group, the property servicing arm of Dalian Wanda Group, filed for a listing on the Hong Kong stock exchange on Thursday night.

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 around US$3 billion to 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.

Zhuhai Wanda Commercial Management’s Hong Kong listing plan came after it had withdrawn a plan to list on the Shanghai bourse despite waiting in the queue for five years. Back in September 2015 it had attempted to sell 250 million shares to mainland investors, but regulators suspended a review of its application in February 2019, without disclosing any reasons.

That stock sale plan was originally part of tycoon Wang’s pitch to investors to gain their approval to privatise the formerly Hong Kong-listed company, called Dalian Wanda Commercial Properties. While the deal to take the company private succeeded in 2016, with the HK$34.5 billion (US$4.4 billion at the exchange rate at that time) deal ranking as one of the biggest that year, the relisting plan flopped.

A relisting on the Shanghai Stock Exchange was supposed to also signal the country’s largest commercial property developer’s increasing focus on commercial management.

That transformation is now highlighted in its Hong Kong listing application document, which says that it manages 380 malls in the mainland, covering a total area of 54.2 million square metres. The malls’ average occupancy rate from 2018 to 2020 was 98.8 per cent.

If successful, Zhuhai Wanda Commercial Management will become the third company within the private conglomerate to trade on a public exchange, and the only one listed outside China. Wanda Film, the country’s largest cinema chain operator and Wonders Information, a software developer, are both listed on the Shenzhen bourse.

Parent Dalian Wanda was placed on a watch list by regulators in 2017 along with Anbang Group, Fosun Group and HNA Group. These privately controlled Chinese conglomerates had accumulated some of the world’s largest debts after snapping up overseas trophy assets, often at premium prices, and were facing significant debt maturities.

Over the years it has gradually disposed of overseas assets to trim its debt pile. They included US cinema chain AMC Entertainment, Spanish football club Atletico de Madrid, and various property projects in Spain, the UK and the US.

The asset disposals have also trimmed Wang’s net worth, estimated at US$14.5 billion by Forbes last November, a big dive from the US$30 billion estimated in 2015 when the publication ranked him as No 1 on its China rich list.

With additional reporting by Cheryl Arcibal

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Daughter of Zara founder gets a place on board of parent company

Photo: ANP Inditex, the Spanish parent company of fashion brands Zara, Bershka, Stradivarius and Massimo Dutti, has appointed Marta Ortega as the new chairman of the board. Ortega, 37, is ... Read more »

France, Russia must work together to reach carbon neutrality, says ex-ambassador

Sylvie Bermann stressed that there was now a consensus that nuclear power is one of the least carbon dioxide (CO2) emitting forms of power generation Read more »

Nestle Australia to manufacture KitKat, Milo, Nescafe in factories running on 100% renewable energy

Photo by: Inma Santiago/Unsplash Nestle Australia is shifting to renewable energy, and it was announced this week that it will now manufacture its products in factories that use eco-friendly electricity ... Read more »

Welcome Energy customers are once again fleeing from ‘expensive' Eneco

Engie and Delta have also taken over customers from Eneco. A number of Welkom Energie customers have revolted, they are dissatisfied with the much higher rate that Eneco has charged ... Read more »

Tariff hikes, moratorium on govt dues to help telecom companies invest more aggressively in 5G tech: Report

The announced tariff hikes by the telcos could boost their operating profits by at least 40 per cent and coupled with the moratorium on government dues, will help them invest ... Read more »

Fitch affirms ICICI Bank rating with negative outlook

Fitch Ratings has affirmed ICICI Bank’s ratings at ‘BB+’ with a negative outlook and retained the lender’s viability rating at BB. The negative outlook comes despite the agency recently revising ... Read more »

Tega Industries IPO Opens Tomorrow: 10 key things to know before you subscribe

Anand Rathi Wealth Tega Industries, which manufactures and distributes specialised ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry, will float ... Read more »

Anand Rathi Wealth IPO opens on December 2, price band set at Rs 530-550 per share

Anand Rathi Wealth Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, will launch its maiden public offer for subscription on December 2. The price band ... Read more »

How to Secure Your Tax Sops on Home Loans

The Income Tax Act, 1961 makes provisions for certain exemptions and deductions when you avail of a housing loan by increasing your loan’s value for money. In fact, many people ... Read more »

Yotta to begin work on 2 more data centres in Greater Noida in January

Yotta Infrastructure will begin constructing two more data centres at its Greater Noida Data Center Park in January 2022. The two buildings, with a capacity of 30 MW IT load ... Read more »

Global markets rattled by omicron vaccine worries

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, October 27, 2021.Brendan McDermid | Reuters LONDON — Global markets have been rattled once ... Read more »

Dutch Catholic church in trouble – four in five parishes have financial problems

Four in five of the Netherlands’ 640 Catholic church parishes are in financial difficulty, Trouw reported on Tuesday. The paper said the parishes posted a combined loss of €15m last ... Read more »

Damrak falls due to concerns about the efficacy of vaccines against Omikron

Concerns about the new corona variant Omikron once again gripped stock exchange trading on Damrak on Tuesday. After the cautious recovery from the day before, fears that the existing vaccines ... Read more »

Over six lakh Indians gave up their citizenship in last five years: Govt

Representative image Over six lakh Indians have given up their citizenship in the last five years, the Lok Sabha was informed on Tuesday. Union Minister of State for Home Nityanand ... Read more »

National Employment policy may have sector-specific job targets: Sources

Worker with cartons of fabric at a textile market in Surat. (PC-NYT) File Photo. The proposed National Employment Policy may set sector-specific targets to boost job opportunities in areas like ... Read more »

No decision on nationwide NRC yet: Govt in Lok Sabha

The government has not taken any decision yet to prepare a nationwide National Register of Citizens (NRC), the Lok Sabha was informed on Tuesday. Union Minister of State for Home ... Read more »

About 1.65 lakh EVs supported as on November 25 under Phase-2 of FAME India scheme

About 1.65 lakh electric vehicles have been supported as on November 25 this year under the second phase of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) India ... Read more »

5 Factors that Affect Personal Loan Interest Rate

With a personal loan, you can enjoy the borrowing and spending freedom to meet all your objectives without any hassle. You can get your loan disbursals within a day and ... Read more »

Shopsy's revenue grows fourfold during festive period, says Flipkart

Flipkart’s social commerce platform Shopsy has grown fourfold in terms of revenue during the festive period as compared to the non-festive season, the company said in a statement on November 30. The ... Read more »

McDonald's Australia debuts two new Big Mac options and Onion Rings

Photo by: McDonald’s Australia Website McDonald’s Australia dropped new menu items, and it includes two Big Mac varieties and a side. The fast-food chain announced the return of Chicken Big ... Read more »

Douyin, China's TikTok, tests short drama subscriptions, trailing Tencent and Kauishou in paid content race

Douyin, the Chinese version of TikTok, is testing a new business model involving paid short dramas, a departure from the free, user-produced content that has made the short video platform ... Read more »

Fewer foreign tourists, but lots more Dutch people had holidays at home

Photo: DutchNews.nl Dutch hotels, campsites and holiday parks all reported having fewer foreign visitors in the third quarter of this year, but the number of domestic tourists soared 12%. In ... Read more »

Markets hit by Moderna vaccine warning over Omicron

A pedestrian walks past an electronic quotation board displaying share prices of the Tokyo Stock Exchange in Tokyo on Monday. (AFP photo) Equities and oil sank again Tuesday after the ... Read more »

Bumper Listing | Go Fashion surges 94% on debut. What should investors do now?

Go Fashion Investors cheered the listing of Go Fashion, the operator of women’s bottom-wear brand Go Colors, as the stock surged 94.3 percent intraday to a record high of Rs 1,341 ... Read more »

Suspended MPs could not be forgiven unless they apologise: Piyush Goyal

Union Minister Piyush Goyal (Illustration: Moneycontrol) Amid vehement protest by opposition members, the BJP on Tuesday stoutly defended the suspension of 12 opposition members from the Rajya Sabha for their ... Read more »

UAE T20 League's low media rights cost, narrow time difference to work in favour of Zee, says analyst

Zee Entertainment Enterprises Limited (ZEEL) has acquired the broadcast rights for the Emirates Cricket Board’s (ECB) UAE T20 League for a period of 10 years, which analysts say is likely to ... Read more »

Emirates warns Omicron could cause 'significant traumas' for aviation industry

A major hit to the peak December travel season because of the Omicron variant of the coronavirus would cause “significant traumas” in the global aviation business, Emirates airline President Tim ... Read more »

Minsk, Moscow agree on joint programs in gas and electricity

The Belarusian energy chief recalled that on November 9, a protocol was signed on amending the intergovernmental agreement on setting prices for natural gas Read more »

K-drama One Ordinary Day: Kim Soo-hyun leads edgy Korean remake of BBC legal drama series Criminal Justice

Both Apple TV+ and Disney+ recently launched in South Korea, and now fledgling local service Coupang Play has made its own foray into original content with One Ordinary Day, the ... Read more »

‘Preventing money problems saves €180 million'

Last year, that site was used 190,000 times and that saved €180 million, according to the organization. This concerns savings on benefits, for example, less use of mental healthcare and ... Read more »

CBS: turnover in the hotel and catering industry in the third quarter almost at the 2019 level

Photo: ANP Turnover from the catering industry was almost as high in the third quarter as before the outbreak of the corona crisis. Revenues rose sharply in July, August and ... Read more »

Exclusive: Mindspace REIT expected to add ROFO assets of approximately 1.8 million square feet (msf) to its completed portfolio in 2022

Vinod Rohira, CEO, Mindspace Business Parks REIT, in an exclusive interview with Moneycontrol’s Vandana Ramnani talks about the outlook of the commercial real estate market and real estate investment trusts ... Read more »

Grow up Visa, compete and not complain

(Image Source: Shutterstock) Recent news reports tell us that the US card hegemons Visa, and earlier Mastercard, have been crying on the shoulders of the United States government against the ... Read more »

Far fewer passengers at easyJet due to the corona crisis

Photo: ANP British airline easyJet carried far fewer passengers in the past broken fiscal year that ended at the end of September than a year earlier, due to travel restrictions ... Read more »

Hospitality turnover almost at 2019 level in third quarter

Food and beverage outlets and hotels were among the hardest hit by the corona crisis, as they often had to remain closed or international guests stayed away. The difference in ... Read more »

Strategists urge investors to look through omicron volatility and stay the course

A trader works inside a booth on the floor of the New York Stock Exchange (NYSE), November 8, 2021.Brendan McDermid | Reuters LONDON — Stock markets could be facing several ... Read more »

China's zero-Covid policy to boost onshore stocks with market shielded from rout in US, Europe and Hong Kong

China’s zero-Covid policy may have helped shield the onshore market from the Omicron-induced rout that sliced about US$580 billion from benchmarks in the US and Europe. That’s likely to boost ... Read more »

Many people are flying private jet services for the first time. Here's what they're paying

Private air travel is prospering under the pandemic. In fact, interest is so high that many private jet companies have a different problem of their hands: keeping up with demand. ... Read more »

Concerns about Omikron variant grip stock exchanges

Photo: ANP Stock exchange trading on Damrak will remain in the grip of concerns about the new corona variant Omikron on Tuesday. After the tentative recovery from the day before, ... Read more »

Jack Dorsey: Twitter exec confirms resignation as CEO, Board appoints Parag Agrawal as new chief

Photo by: Photo Mix/Pixabay Jack Dorsey, Twitter’s chief executive officer, had resigned from his post. The news emerged on Nov. 29, and it was initially shared by insiders. CNBC was ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic