China Largest Commercial Property Group Dalian Wanda Applies Hong Kong IPO for 4th Time for Zhuhai Wanda Commercial Management, $4.4 Billion to be Repaid to Pre-IPO Investors by End of 2023 if IPO Fails
30th June 2023 | Hong Kong
China largest commercial property group Dalian Wanda has applied for a Hong Kong IPO (Initial Public Offering) for the 4th time for Zhuhai Wanda Commercial Management, with $4.4 billion to be repaid to pre-IPO investors by end of 2023 if IPO fails. Dalian Wanda owns 69.66% of Zhuhai Wanda Commercial Management. Dalian Wanda is founded by Chairman Wang Jianlin in 1988, and is one of the world’s leading real estate company, leading film company, leading sports company and leading children’s entertainment company.
“ China Largest Commercial Property Group Dalian Wanda Applies Hong Kong IPO for 4th Time for Zhuhai Wanda Commercial Management, $4.4 Billion to be Repaid to Pre-IPO Investors by End of 2023 if IPO Fails “
China Property Giant Wanda Dalian Billionaire Founder Wang Jianlin Fortune Drops from $40 Billion to $7 Billion, Wanda Dalian with $5.6 Billion Available Cash to Meet Short-Term Loan Obligations
17th June 2023 – China property giant Wanda Dalian billionaire founder Wang Jianlin fortune has dropped from $40 billion to $7 billion, with the property group Wanda Dalian with $5.6 billion of available cash to meet short-term loan obligations. China property groups are facing cashflow pressure from the COVID-19 lockdown, slowdown in economy and China economic agenda to prevent excessive speculation in real estate. In 2021, China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, callling for distribution of wealth and high income groups and businesses to contribute to society. With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs. More info below.
China Property Giant Wanda Dalian Billionaire Founder Wang Jianlin Fortune Drops from $40 Billion to $7 Billion
Wanda Group
Established in 1988, Wanda Group has become a large multinational conglomerate focusing on modern services. After 30 years of development, Wanda is now the world’s leading real estate company, leading film company, leading sports company and leading children’s entertainment company. Wanda Plaza, Wanda Cinema, Wanda Hotel, Wanda Culture Tourism City and Wanda Kidsplace have become well-known brands in China. In 2018, Wanda’s assets amounted to 625.7 billion yuan with revenue of 214.3 billion yuan.
Wanda Dalian Chairman & Founder Wang Jianlin
Born in 1954, Wang Jianlin served in the Army between 1970 and 1986, at which time he was appointed Office Director of the Xigang District Government in Dalian. He has served as Chairman of the Dalian Wanda Group since 1988. Wang Jianlin has previously served as a deputy to the 17th National Congress of the Communist Party of China. He was also a member of the 11th Chinese People’s Political Consultative Conference Standing Committee and has also served as a vice chair of the 11th Congress of the All-China Federation of Industry and Commerce. He currently serves as vice chair of the China Charity Confederation; vice chair of the China Folk Chamber of Commerce; vice chair of the China Enterprise Confederation and the China Enterprise Directors Association; vice chair of the China General Chamber of Commerce; vice-chair of the Global Advisory Council of Harvard University.
China Common Prosperity
2021 – China President Xi Jinping, at the 10th Meeting of China Central Finance and Economics Committee, has announced China’s new goal to promote common prosperity for all, not just for a few and not in the form of equal distribution, but common prosperity through a few stages including encouraging hard work and innovation, improving people’s livelihood, creating more inclusive & fair conditions to improve education level & development ability, and creating more opportunities for people to get rich. With the announcement, market analysts and various media reports are anticipating new policies such as higher taxes on high income earners, property tax, inheritance tax, capital gain tax and incentives for charity, philanthropy and corporate social programs.
Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity
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