Dalian Wanda Group plans 150 premium hotels
Targeted overseas markets include Europe, the United States and Australia
Beijing
CHINESE property developer Dalian Wanda Group plans to build more than 150 premium hotels around the world by 2018 in an expansion of its luxury hotel business, state news agency Xinhua said on Sunday.
The announcement comes as Dalian Wanda Commercial Properties, a subsidiary of Dalian Wanda Group, plans to raise up to US$6 billion in a Hong Kong initial public offering (IPO) this year.
The targeted overseas markets for the new hotels include Europe, the United States and Australia, Xinhua said, citing the group.
The group, chaired by Wang Jianlin, one of China's richest men, was founded in 1988 and operates in four major industries - commercial property, luxury hotels, culture and tourism, and department stores.
Dalian Wanda Commercial Properties has received approval from Chinese regulators to move ahead with an IPO in Hong Kong worth up to US$6 billion, IFR reported, citing people familiar with the deal.
Consent from the China Securities Regulatory Commission (CSRC) clears the way for Dalian Wanda to seek a green light from the Hong Kong stock exchange later this week for the IPO, IFR, a Thomson Reuters publication, reported on Monday.
The listing could be larger than US$6 billion if the company decides to sell more shares, IFR reported, citing one of the sources familiar with the deal. A Dalian Wanda executive based in Beijing declined to comment when contacted by Reuters, stating that the company is in a quiet period ahead of the IPO. REUTERS
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