According to sources, PAG’s private equity arm is close to investing approximately $2.8bn in the funding round for Dalian Wanda Group Co’s commercial property management unit, almost twice the initial fundraising target. People familiar with the matter said that PAG’s commitment has brought the total fundraising size of Wanda Light Asset Commercial to about $6bn. Sources added that real estate developer Country Garden Holdings Co and Tencent Holding have invested in the latest round. They also added that Citic Capital’s private equity arm Trustar Capital and Warburg Pincus have joined the funding round as well.

As stated on its website, the business is one of the world’s largest shopping mall operators, managing its parent’s 381 Wanda Plaza shopping malls and other real estate in more than 200 cities. Bloomberg reported in May 2021 that the company initially sought to raise around CNY 20bn ($3.1bn) before planning an IPO in Hong Kong later this year. Deliberations are ongoing and the details may be subject to changes.

Wanda 7.25% 2022s are stable at 100.4, yielding 6.65%

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