Wanda’s Mall Unit Boosts Pre-IPO Round to $6 Billion

(Bloomberg) -- Asian private equity firm PAG is close to investing about $2.8 billion in a funding round for Dalian Wanda Group Co.’s commercial property management unit, nearly doubling the original fundraising target, people familiar with the matter said.

PAG’s commitment brings the total size of the fundraising to about $6 billion, the people said, asking not to be identified as the discussions are private. Other international investors and Chinese technology companies are also investing in the unit, known as Wanda Light Asset Commercial Management, according to the people. 

The business is one of the world’s largest mall operators, managing hundreds of shopping complexes and other real estate under the Wanda Plaza brand. It was initially seeking to raise around 20 billion yuan ($3.1 billion) ahead of a planned initial public offering later this year, Bloomberg News reported in May. 

Deliberations are ongoing, and details of the plans could still change, the people said. A representative for PAG declined to comment, while a spokesperson for Wanda didn’t immediately respond to queries outside regular business hours in China.

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