|By ACN Newswire||
|January 12, 2014 09:29 PM EST||
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).
Copyright 2014 ACN Newswire. All rights reserved.
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