Dalian Wanda to launch crowdfunding for malls

Hong Kong

DALIAN Wanda Group, China's largest commercial property developer, said it plans to raise funds from investors online this week to help finance its new shopping malls, the latest developer tapping an emerging trend amid a sluggish property market.

Wanda, in a statement late on Sunday, did not disclose how much it was targeting to raise in its first crowdfunding initiative to be launched on Friday, but a company official said it will be "at least several billion yuan".