Private property developer Dalian Wanda Group Corp, owned by billionaire Wang Jianlin, is preparing for a listing in Hong Kong through a reverse merger, financial news website aastocks.com reported Monday, citing unnamed market sources.
Wanda Group has already bought a majority of shares in Hong Kong-listed Hengli Commercial Properties (Group), and plans to inject some of its real estate assets, estimated at up to 700 million yuan ($112.7 million), into Hengli, the report said.
Chen Chang Wei, Hengli's controling shareholder, had agreed to sell 65 percent of Hengli shares to Dalian Wanda Commercial Properties Co, a unit of Wanda Group, Hengli said in a filing to the Hong Kong Stock Exchange Friday. Hengli closed Monday at HK$0.35 (5 cents) a share.
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