China’s Dalian Wanda raised almost $6bn for its commercial property management business Wanda Light Asset Commercial Management Co ahead of its IPO in Hong Kong, marking one of China’s largest fundraisings in 2021. PAG led the fundraising, investing $2.8bn for the commercial property management unit, which included a $1.9bn equity portion and $933mn from a syndicated loan facility. Property developer Country Garden, private equity firm CITIC Capital and tech giants Tencent and Ant Group were amongst the other investors. Wanda Light Asset was valued at $28bn in the pre-IPO fundraising, slightly below its target of CNY 200bn ($31bn), whilst the raised amount doubled from its target of $3bn. Wanda sought to file an IPO in September, however, the listings are most likely not going to happen until early 2022.
Wanda´s USD bonds were trading stable with its 6.875 2023s trading at 100.325, yielding 6.68%
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