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| Monday, 13 January 2014, 10:06 HKT/SGT | |
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HONG KONG, Jan 13, 2014 - (ACN Newswire) - Wanda Commercial Properties (Hong Kong) Co., Limited ("Wanda HK"), the substantial shareholder of Wanda Commercial Properties (Group) Co., Limited ("Wanda Commercial Properties", stock code: 00169.hk), decided last Friday that to support the growth of the listed company, in the 3 years starting from 1st January 2014, it will grant the right of first refusal to Wanda Commercial Properties to participate in the commercial property projects it develops, particularly those in southern China which comprises provinces such as Guangdong, Guangxi and Hainan, allowing the listed company to decide whether or not to join the development projects. Wanda Commercial Properties would set up joint ventures with Wanda HK to cooperate in investing in commercial property projects. The company will endeavor to have such rights extended to other regions of China.
Wanda Commercial Properties is a commercial real estate investment and operations management company and is also Wanda Group's only listed financing platform for commercial property development. Its parent company the Dalian Wanda Commercial Properties Co., Ltd("DWCP"). has the top brand in China's commercial property market. The Wanda urban complexes, which spearheaded by Wanda with the name of "Wanda Plaza", is a commercial property development model which combines large commercial centers together with an urban pedestrian street, five-star hotels, office buildings and apartments to form a self-sustainable business magnet with shopping, catering, culture and entertainment on offer. As of 23 December 2013, DWCP has invested in and constructed 113 Wanda Plazas in 75 major cities in China and 85 of these Wanda Plazas have already been in operation. Currently, it is also operating 51 5-star or super 5-star hotels. As such, Dalian Wanda is among the first in the industry to gain a national footprint and has established a commanding lead in the commercial property market.
Southern China outperforms other parts of China economically. The grant of the first right of refusal is a strong indication that the controlling shareholder actively supports Wanda Group's only listed company engaged in the commercial property development sector. It has been settled that the direction of Wanda Commercial Properties would be developing property projects at home and abroad simultaneously. Recently, Wanda Commercial Properties has proposed a rights issue at the Subscription Price of HK$2.88 per Rights Share on the basis of three Rights Shares for every ten existing Shares in issue to raise funds of about HK$2.468 billion. The fund raised would be invested in projects in the PRC and overseas when suitable opportunities become available and for the purposes of general working capital. The latest time for acceptance of, and payment for, the Rights Shares is 4:00 p.m. on 15 January 2014 (Wednesday).
Wanda Commercial Properties' parent company, DWCP, has long been taking the lead in China's commercial property market. With Wanda's powerful brand, highly efficient development model, resource consolidation capacity both at home and abroad, solid financing platform, and financial support from Wanda HK, it is expected that Wanda Commercial Properties will participate in several Wanda Plazas development across Southern China after the rights issue through formation of joint ventures with controlling shareholding status, which may open the gateway towards opportunities in other regions. As a rising capital and business platform, Wanda Commercial Properties is worth watching as a target for investment.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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