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Share Name | Share Symbol | Market | Type |
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Global Industrial Company | NYSE:GIC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 34.98 | 0 | 12:00:08 |
By Prudence Ho
HONG KONG--Dalian Wanda Commercial Properties Co., which is controlled by Chinese billionaire Wang Jianlin, has raised US$3.7 billion in a Hong Kong initial public offering after pricing the deal near the high end of an indicative price range, according to people familiar with the situation Tuesday.
Dalian Wanda Commercial's IPO is now the largest-ever listing by a real-estate company globally, besting the 2010 debut of Singapore's Global Logistic Properties Ltd., according to Dealogic. Last month, Paramount Group Inc. raised US$2.6 billion in the U.S.
Dalian Wanda Commercial, the property arm of Dalian Wanda Group, which bought cinema chain AMC Entertainment Holdings two years ago, sold 600 million shares at 48 Hong Kong dollars (US$6.19) a share, near the high end of a price range of HK$41.8 to HK$49.6 a share, the people said.
Including the listings of Dalian Wanda Commercial and BAIC Motor Corp., a Chinese car maker that priced its US$1.4 billion a few days ago, Hong Kong has climbed up to the second spot globally as far as global listing destinations from the fourth position previously. The New York Stock Exchange holds the top spot and Hong Kong is now followed by the Nasdaq Stock Market and the London Stock Exchange.
The Dalian Wanda Commercial listing comes after China's central bank cut interest rates last month. Investors expect the move will ease pressure on heavily-indebted property companies, whose share prices rose after rates were cut. Dalian Wanda Commercial, which has 178 projects in 112 cities and 29 provinces across China, had a debt-to-equity ratio of 87.8% at the end of June, according to its listing prospectus.
Write to Prudence Ho at prudence.ho@wsj.com
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