Dalian Wanda Commercial, the world’s largest ever public listing by a real estate company has raised $3.7 billion at it’s IPO in Hong Kong. CCTV’s Cathy Yang reported this story from Hong Kong.
Dalian Wanda Group IPO raises $3.7b, ends first day trading 2.6% downDalian Wanda Commercial, the world's largest ever public listing by a real estate company has raised $3.7 billion at it's IPO in Hong Kong. CCTV’s Cathy Yang reported this story from Hong Kong.
Owned by China’s fourth richest Wang Jianlin, Wanda is now the largest-ever listing by a real estate company in the world, according to Dealogic.
Wang’s push into global entertainment now reportedly includes talks to acquire a stake in the studio behind the “The Hunger Games” films, Lions Gate Entertainment. Dalian already controls the second-biggest U.S. cinema chain, AMC, which it bought two years ago.
Wang, former member of the People’s Liberation Army, also has plans of taking Wanda into the world’s 10 largest cities in 10 years, including London and Madrid.
Wanda is also in the thick of constructing theme parks on the Mainland, competing directly with Western bigwigs such as Disney and Six Flags. But among all of Wanda’s interests, its property business is the key to its future outlook.
Wanda’s listing comes after China’s central bank cut interest rates a month ago. The move is expected to make it easier for Dalian to pay its loans, as lower interest rates typically ease pressure on heavily-indebted property companies.
Wanda’s listing gives investors the chance to reassess the company’s ability to pay down debt, as it sets off on its global ambitions.
By the end of the first day’s trading in Hong Kong, the stock dropped 2.6 percent lower than the HK$48, $6.2, offer price.
Exclusive: Wang Jianlin, CEO of Wanda Group discusses company’s future plans
CCTV’s Martina Fuchs held an exclusive interview with Wang Jianlin, chairman of the Dalian Wanda Group about the company’s future plans.