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External investors to finance Wanda Plazas
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CHINA’S Dalian Wanda Commercial Properties Co yesterday said four investors have agreed to contribute 24 billion yuan (US$3.9 billion) over the coming two years as the first tranche of funding to build around 20 shopping malls.
This is the first time outside investors will fund Wanda Plazas, a person familiar with the matter said, prompted by a slowing market. Dalian Wanda will oversee the malls’ sales and operations.
The investors are the real estate investment arm of China Everbright Ltd, Harvest Capital Management Co, Sichuan Trust Co and KuaiQian Payment and Settlement Service Co, Dalian Wanda said in a statement. Dalian Wanda’s parent company bought a controlling stake in KuaiQian Payment last month.
Dalian Wanda is talking with several local and global investment banks, insurance firms and investment funds about investing in its properties and more such groups of investors may be set up in the first half of this year, said the person.
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