Dalian Wanda Commerical Properties 3699

Dalian Wanda Commerical Properties 3699

Postby winston » Tue Dec 02, 2014 6:32 am

Dalian Wanda Commercial Properties, the world's second-largest developer of shopping malls and office buildings, received the local exchange's approval to raise up to HK$46.8 billion.

Its listing would be the largest in Asia non-Japan over the past four years.

The company, a unit of billionaire Wang Jianlin's Dalian Wanda Group, will start gauging investors' interest in its IPO starting tomorrow, with a roadshow starting on December 8, a source said.

Source: The Standard HK
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Re: Dalian Wanda Commerical Props

Postby winston » Wed Dec 03, 2014 1:57 pm

Dalian Wanda Commercial Properties intended to initiate share offering on 10 December and list on 22 December.
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Re: Dalian Wanda Commerical Properties

Postby winston » Thu Dec 04, 2014 5:46 am

Real-estate developer Dalian Wanda Commercial Properties may reduce the size of its planned initial public offering due to its disappointment over share pricing, China Daily reported.
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Re: Dalian Wanda Commerical Properties

Postby winston » Sat Dec 06, 2014 7:04 pm

Dalian Wanda seeks up to $3.86 billion in trimmed down Hong Kong IPO: IFR

(Reuters) - Dalian Wanda Commercial Properties Co Ltd, the world's second-largest developer of shopping malls and office buildings, is seeking to raise between $3.2 billion and $3.86 billion through a Hong Kong IPO, cutting the size of the planned offer by at least a third as investors balked at the high valuation.

The company, backed by Chinese billionaire Wang Jianlin, is offering 600 million new shares in a range of HK$41.80–HK$49.80 each, IFR, a Thomson Reuters publication reported on Saturday. That would give the company a market value of between $20.8 billion and $24.7 billion, IFR said, citing sources with direct knowledge of the matter.

It had initially targeted to raise up to $6 billion, Reuters previously reported.

Wang, 60, China's fourth-richest man with a net worth of $13.2 billion, according to Forbes, plans to use the IPO proceeds to fund the expansion of an empire built at speed using cheap government land. He has already opened 100 Wanda Plaza mixed-use developments from 21 just four years ago.

The IPO is set to be launched on Dec 8, with pricing slated for Dec 15. Even at the bottom of the range, Wanda's will be the second-largest IPO in the Asia Pacific excluding Japan this year.

The company did not respond to email seeking comment.

The IPO comes at a time when Chinese real estate sector is battered by a slump, with slowing sales and a high debt burden pulling down corporate earnings. Dalian Wanda's net profit fell 47 percent in January-June to 4.97 billion yuan ($808 million) due to a decline in the fair value gain of its properties.

The price range represents a 46-54 percent discount to Dalian Wanda's 2015 estimated net asset value and 2015 price to earnings (P/E) multiple of 7.4–8.9, IFR reported. Chinese real estate companies trade at median P/E ratio of 5.93, according to Thomson Reuters data.

Wang, a former member of the People's Liberation Army, plans to take the developer into the world's 10 largest cities over the next decade, beginning last year with Los Angeles, Chicago, London and Madrid.

CICC and HSBC are joint sponsors for the deal, while CICC, Goldman Sachs and UBS are active bookrunners. BOC International and Bank of America Merrill Lynch are the other two key banks on the transaction with a number of other joint bookrunners.

Source: Reuters
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Re: Dalian Wanda Commerical Properties

Postby winston » Sun Dec 07, 2014 4:14 am

China's Dalian Wanda seeks up to $3.86bn in trimmed down Hong Kong float

Property developer cuts size of its offering after investors balk at high valuation

Dalian Wanda Commercial Properties, the world's second-largest developer of shopping malls and office buildings, has cut the size of a planned stock sale and is now looking to raise between $3.2bn and $3.86bn through the Hong Kong float.

The Chinese property developer was compelled to cut the size of the offering by at least a third after investors balked at the high valuation, IFR reported. The firm had initially targeted to raise up to $6bn (£3.8bn, €4.9bn), Reuters reported earlier.

The initial public offering (IPO) is set to be launched on 8 December, with pricing slated for 15 December.

Even at the bottom of the range, Dalian Wanda's will be the second-largest IPO in the Asia Pacific outside Japan this year.

The Offering

Dalian Wanda, backed by China's fourth-richest man Wang Jianlin, is offering 600 million new shares in a range of HK$41.80–HK$49.80 each, IFR reported.

That will give the property developer a market value of between $20.8bn and $24.7bn.

Wang, 60, with a net worth of $13.2bn according to Forbes, plans to use the proceeds to expand Wanda's overseas footprint. Wang built his empire fast using cheap government land.

CICC and HSBC are joint sponsors for the deal. CICC, Goldman Sachs and UBS are the active bookrunners. BOC International and Bank of America Merrill Lynch are the other key banks on the transaction with several other joint bookrunners.

Realty Slump

The IPO comes amid a slump in China's real estate sector, which has been battered by falling prices, slowing sales and high debt burden weighing on corporate earnings.

Dalian Wanda Commercial, the flagship company operates 89 shopping malls and 48 hotels across China, according to a 16 September pre-listing filing.

Dalian Wanda Commercial, in its preliminary prospectus, said net profit for the six months to June dropped 47% to 4.97bn yuan, owing to a decline in the fair value gain of its properties.

Source: Reuters
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Re: Dalian Wanda Commerical Properties

Postby winston » Mon Dec 08, 2014 6:03 am

Wanda Commercial Properties, the world's second-largest developer of malls and office buildings, kicks off a roadshow today to raise up to HK$30 billion in an initial public offering.

Wanda is offering 600 million new shares in a range of HK$41.80 to HK$49.80 each, giving the company a market value of up to HK$192.66 billion, a source said.

Eleven investors will inject a total of HK$15.6 billion for the IPO, including Kuwait Investment Authority, China Life Insurance (2638) and Ping An Insurance Co of China (2318), pledging HK$2.34 billion each, while Och-Ziff Capital Management, in New York, is investing HK$1.95 billion.

The Dalian-based firm is very likely to surpass CGN Power as the hottest stock in raising the largest amount of capital in the SAR this year.

Source: The Standard HK
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Re: Dalian Wanda Commerical Properties IPO

Postby winston » Mon Dec 08, 2014 7:03 am

Dalian Wanda Commercial to Raise up to $3.8 Billion in Hong Kong IPO

HONG KONG—Dalian Wanda Commercial Properties Co., the real-estate arm of Wanda Group, and BAIC Motor Corp., a Chinese car maker partly owned by Daimler AG , are seeking to raise a combined $5.4 billion in initial public offerings in Hong Kong this month.

Dalian Wanda Commercial Properties, which is owned by Chinese billionaire Wang Jianlin, plans to raise up to US$3.8 billion by selling 600 million shares in an indicative price range of 41.80 to 49.60 Hong Kong dollars (US$5.39 to $6.40) each, a person familiar with the situation said Sunday.

Sentiment has recently improved toward Hong Kong IPOs.

Dalian Wanda, which had a debt-to-equity ratio of 87.8% as of the end of June, may also benefit from China’s surprise interest-rate cut last month.

Shares of many Hong Kong-listed real-estate developers, which are heavily indebted, have surged recently. Guangzhou-based developer Country Garden Holdings Co. has climbed about 9% since the rate cut, while shares of state-owned property developer China Overseas Land & Investment have gained 16%.

The price range for Dalian Wanda Commercial Properties represents a 47% to 55% discount to 2015 forecast net asset value, while peer China Resources Land, whose shares are up about 14% since China’s rate cut, trades at a 7% premium to forecast NAV, according to FactSet.

Dalian Wanda Commercial, which sells apartments and operates shopping malls and hotels, will list in the city Dec. 23. It will use the proceeds from the IPO to fund the development of property projects.

Dalian Wanda has secured sales of $2 billion worth of shares, or 62% of the deal, from 11 cornerstone investors. Kuwait Investment Authority, China Life Insurance Co. and Ping An Asset Management are buying $300 million each, while Och-Ziff Capital Management is buying $250 million.

Dalian Wanda, KIA, China Life, Ping An and Och-Ziff couldn’t immediately be reached for comment.

HSBC Holdings PLC and China International Capital Corp. are lead banks for Dalian Wanda’s offering.

Source: WSJ
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Re: Dalian Wanda Commerical Properties IPO

Postby winston » Tue Dec 09, 2014 5:18 am

Wanda Commercial Properties will start retail book building tomorrow in its IPO to raise up to HK$29.76 billion.

The world's second largest pure-play commercial developer priced shares at HK$41.80 to HK$49.60.

About 90 percent of net proceeds will be used to finance the development of 10 mainland projects.

Wanda expects to commence trading on December 23, making it probably the last and largest stock offering on the Hong Kong stock exchange this year.

Source: The Standard HK
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Re: Dalian Wanda Commerical Properties IPO

Postby winston » Tue Dec 09, 2014 1:43 pm

<IPO News>Wanda (03699.HK)'s IPO price shows huge discount to NAV

Dalian Wanda (03699.HK)'s IPO with a scale of not more than US$3.8 billion (approximately HK$29.64 billion) has been fully subscribed on the first day available for subscription;

The company has introduced 11 cornerstone investors, with subscription amount reaching US$1.994 billion (about HK$15.45 billion), which equaled to half of the amount it plans to raise, Wall Street Journal reported, quoting its sources.

The report said due to the market's concern over China's real estate industry, the issue price of Wanda is ranging from $41.8 to $49.6, showing a huge discount to to its valuation.

Source: AAStocks Financial News
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Re: Dalian Wanda Commerical Properties IPO 3699

Postby winston » Tue Dec 09, 2014 2:03 pm

08 Dec, 2014

<IPO News>KIA and 11 investors reportedly guarantee to invest US$2B in Wanda IPO

Kuwait Investment Authority (KIA) and Och-Ziff Capital Management Group were two of the eleven investors for the investment of around US$2 billion in Dalian Wanda Commercial Properties's IPO listing under public offering in Hong Kong, reported by Reuters quoting from sources.

Sources said that KIA, CHINA LIFE (02628.HK) (601628.SH) and PING AN (02318.HK) (601318.SH) guaranteed to place US$300 million in the IPO, while Och-Ziff and APG invested US$250 million and US$200 million respectively.

Source: AAStocks Financial News
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