China's largest mall owner to go public

Zhuhai Wanda Commercial Management Group filed for an IPO on the Hong Kong Stock Exchange.

Zhuhai Wanda Commercial Management Group, a division of Chinese conglomerate Dalian Wanda Group, which specializes in commercial property management, has applied for listing on the Hong Kong Stock Exchange.

According to Chinese news agencies, Zhuhai Wanda expects to attract $3 to $4 billion worth of investments during the IPO. 

In the documents sent to the stock exchange on the application for placement, it is noted that the company manages 380 shopping centers with a total area of more than 54 million square meters. The average occupancy rate for the past two years is at 98.8 percent. 

Zhuhai Wanda's business, according to unofficial sources, could be worth as much as $28 billion today. In 2020, the company's profits fell 8.8% to $172 million amid the crisis. About 70% of Zhuhai Wanda's business is controlled by the Dalian Wanda Commercial Management Group conglomerate of billionaire Wang Jianlin, one of the wealthiest businessmen in China. 

More about shopping malls in China