Wanda Commercial raises US$3.7b in IPO

Hong Kong

CHINESE shopping mall developer Dalian Wanda Commercial Properties Co has raised US$3.7 billion in an initial public offering (IPO) in Hong Kong, a report said on Tuesday, making it the biggest in the world by a real estate firm.

The company, owned by the property arm of Dalian Wanda Group, sold 600 million shares at HK$48 (S$8) apiece - near the higher end of its indicative price range - Dow Jones Newswires said, citing sources close to the matter.