Billionaire Wang’s Property Firm Falls in Hong Kong Debut

Dalian Wanda Commercial Properties Co. fell from its offering price in the second-worst debut for a billion-dollar initial public sale in three years in Hong Kong.

The stock closed at HK$46.75 a share, down 2.6 percent from HK$48 apiece the shares were sold at in Asia-Pacific’s biggest initial public offering this year after Australia’s Medibank Private Ltd. The property developer controlled by billionaire Wang Jianlin sold 600 million shares to raise HK$28.8 billion ($3.7 billion) and has attracted key foreign investors including New York-based hedge fund Och-Ziff Capital Management Group LLC and Kuwait’s sovereign wealth fund.