Deals
Wanda Selling $5.4 Billion Property Unit Stake, to Seek Listing ‘Soon’
- Commercial Properties unit bonds jump by record on stake sale
- Group is also said to seek sale of last two overseas projects
This article is for subscribers only.
Dalian Wanda Group Co. said it is getting a 34 billion yuan ($5.4 billion) investment in its property arm from a group of investors and will strive to take the company public as soon as possible, easing pressure on the conglomerate to meet a listing deadline. The unit’s bonds soared.
Chinese internet giant Tencent Holdings Ltd. is leading the acquisition of the 14 percent stake in billionaire Wang Jianlin’s Wanda Commercial Properties Co., Wanda said on its website late Monday. Tencent and other e-commerce, retail and real estate companies are buying a stake held by private equity investors who were guaranteed annual returns of as much as 12 percent if the company failed to list by September 2018.