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Wanda falls 2.6% on HK trading debut
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DALIAN Wanda Commercial Properties Co yesterday fell 2.6 percent on its trading debut in Hong Kong as investor concern over its debt hit optimism over a property market rebound.
Shares in the Chinese real estate developer of shopping malls and office buildings traded flat in the early morning from the IPO price of HK$48 (US$6.19), and then fell as much as 8.8 percent before closing at HK$46.75. Hong Kong’s benchmark Hang Seng Index shed 0.3 percent.
Founded 2002, Wanda — controlled by Wang Jianlin — sold 600 million shares to raise HK$28.8 billion, making it Hong Kong’s largest IPO since October 2010. Brokerage Sun Hung Kai Financial said in a December 10 research report that Wanda is well placed to benefit from lower interest rates in China and a rebound in the property market.
Fitch Ratings said in a report on Monday that Wanda’s revenue may exceed 15 billion yuan in 2014 and to grow 30 percent a year over the next two to three years.
It added the biggest risk to Wanda’s ratings is a sharp and sustained property market correction, which will result in tighter liquidity due to working capital outflow.
Wanda owns 159 Wanda Plaza and six Wanda City projects that are operational or under development. The Beijing-based company will use most of the IPO proceeds to fund the development of 10 malls across the nation.
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