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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
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