Dalian Wanda eyes Singapore IPO
China’s largest commercial property developer, Dalian Wanda Group, is planning to list its real estate business in Singapore.
The listing is expected to bring Dalian Wanda US$1 billion, according to the Wall Street Journal.
Other media reports the Beijing-based company has already hired two banks to explore the potential listing, two weeks after Wanda filed for a US$500 million IPO of its sports-marketing assets on the US Nasdaq exchange.
The group is still in the process of deciding what assets it will include in the float.
Wanda’s portfolio includes nearly 300 shopping malls which helped the group first among commercial real estate developers in Mainland China last year in terms of operating revenue.
Its IPO on the Hong Kong exchange in 2014 still ranks as the largest real estate debut ever on that bourse.
Wanda recently sold 37 department stores to Suning’s e-commerce division which are in the process of being rebranded Suning.