- Briefing Your roundup of Asian tech and startup news that matter
Deepti Sri · · 1 min readSources: Chinese property management firm to raise $3.1b
“More than 20 investors have expressed interest in a funding round for Dalian Wanda Group’s commercial property management unit, which could raise about 20 billion yuan (US$3.1 billion),” Bloomberg reported, citing people familiar with the matter.
Details:
- Investors for Wanda Light Asset’s new round, which may be raised by July, will reportedly include sovereign wealth funds, Chinese technology companies, and private equity funds.
- While the lead investors are expected to pour 2 billion yuan (US$314 million) each into Wanda Light Asset, others may contribute 500 million yuan (US$78.5 million) to 1 billion yuan (US$157 million) each.
Context:
- In March, the company dropped its application to raise an A-share listing in China in order to reorganize its asset-light operations and list itself in China and overseas.
- Wanda Light Asset currently runs 368 commercial complexes, while 155 more are being built.
Currency converted from US dollar to Chinese yuan: US$1 = 6.37 yuan.
Editing by Collin Furtado and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
