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anda Commercial Properties (Group), a Hong
Kong-listed real estate investment company controlled by China’s richest man
Wang Jianlin, said today it plans to raise $318 million in a stock sale from
existing shareholders.
Funds will be used for investments in China
and overseas “when suitable opportunities become available,” as well as for
general working capital. Investors will
be allowed to buy three shares for each held at a price of HK$2.88 each,
according to a statement. The company also said it plans to change the number
of board lots per traded share.
Wang, whose Wanda Overseas owns 65% of Wanda
Commercial Properties, topped the 2013 Forbes China Rich List published in
October with wealth of $14.1 billion. Forbes Asia, the Asia edition of Forbes
magazine, named Wang as its Businessman of the Year for 2013 last month.
Wanda Commercial Properties shares have
climbed 10-fold in the past year, mostly since Wang disclosed plans to acquire
control of the business which was formally known as Hengli Properties
Development. The company’s name has since been changed to Wanda Commercial
Properties (Group). Wang’s movie chain
AMC, which he purchased for $2.6 billion last year, is currently seeking to go
public in the United States.
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