Arab Today, arab today wanda commercial stocks drop in hong kong debut
Last Updated : GMT 08:34:54
Arab Today, arab today
Arab Today, arab today

Wanda Commercial stocks drop in Hong Kong debut

Arab Today, arab today

Arab Today, arab today Wanda Commercial stocks drop in Hong Kong debut

Wang Jianlin, CEO of Dalian Wanda Commercial Properties
Hong Kong - AFP

Chinese shopping mall developer Dalian Wanda finished lower after its trading debut in Hong Kong Tuesday, following an initial public offering that broke records despite concerns about China's cooling property market.
Shares in the Beijing-based company ended down at HK$46.75 ($6.03) by the close of trade, 2.6 percent lower than the HK$48 offering price, following the biggest IPO in the world by a real estate firm which raised $3.7 billion.
Analysts said the price drop was not surprising, given the stuttering performance of the property sector.
"This is a property stock and the outlook for property in China is not good. Basically it is oversupplied," Geo Securities CEO Francis Lun told AFP.
"It (the price drop) is not unexpected because the pricing is at the higher end of the range."
Owned by the property arm of Dalian Wanda Group and controlled by Chinese billionaire Wang Jianlin, the company is one of the world's largest developers of shopping malls, owning dozens across China.
"Today is a historic day for Wanda and also an important milestone for the business development of Wanda," said Wang before striking the gong at the Hong Kong exchange to mark the listing.
Wang raised a glass of champagne with bourse officials and gave a double thumbs up before trading began.
The listing comes after China cut interest rates in November to spur the mainland property market, which remains under pressure from a hefty inventory of unsold newly-built homes.
House prices fell on a monthly basis for the seventh straight month in November, according to the independent China Index Academy.
Wanda slashed its IPO fundraising target by about a third from the original goal, possibly to attract investors concerned by the slowing real estate market.
Analysts also pointed to the company's high debt levels.
- 'Rich list doesn't matter' -
Dalian Wanda Commercial Properties says it is the second-largest commercial property owner and operator in the world, with 175 property projects across China, including 71 Wanda Plazas, each made up of a combination of shopping centres, luxury hotels, and office and residential towers, according to the bourse filing.
Wang topped the Forbes China Rich List in 2013 with an estimated net worth of $14.1 billion, but was displaced this year after charismatic Internet entrepreneur Jack Ma floated his e-commerce powerhouse Alibaba Group in the world's biggest ever IPO. Ma's fortune is now estimated at nearly $20 billion.
Wang may find himself on top again after the Dalian Wanda listing.
"To be on the rich list is not my goal, my goal is to have my company become diversified and comprehensive," Wang told reporters Tuesday.
"When I was the richest man I didn't feel pain nor did I feel especially happy," said Wang.
The Wanda Group bought US cinema chain AMC Entertainment Holdings two years ago and has also branched out into film production, theme parks, print media and art investment.
Wang has said he wants the company to rival world leading brands like Google, IBM and Walmart.
His firm is the latest in a string of Chinese companies tapping in to international investors through Hong Kong's bourse.
The city's stock exchange has now climbed to second in the world in terms of IPO fund raising activities, according to Dow Jones Newswires.
Shares in China General Nuclear Power (CGN), the nation's largest nuclear power producer, surged almost 20 percent on their debut last week after it raised more than US$3 billion in its IPO.

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Arab Today, arab today wanda commercial stocks drop in hong kong debut Arab Today, arab today wanda commercial stocks drop in hong kong debut

 



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