Wanda Waves Away the Doubters

Chinese billionaire Wang Jianlin has scored a much-needed victory with the buyout of his Hong Kong-traded real estate arm, Dalian Wanda Commercial Properties. The biggest loser is undoubtedly the former British colony, for whom the loss of such a big and important company raises questions about its value as a funding source for Chinese firms. Whether investors who backed the bid can be considered winners will depend on Wang's success in relisting Wanda on a mainland exchange.

On Monday, Wang got shareholder approval to take Wanda Commercial private, the latest in a series of overseas-traded Chinese companies (most in the U.S.) that have sought to withdraw their stock with the aim of listing back home, where valuations are much higher. Despite misgivings from shareholders including the asset-management arm of APG Groep, which wanted a higher price than the HK$52.80 cash bid, Wang won support from the minimum 75 percent of minority shareholders needed.