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Chinese conglomerate Dalian Wanda Group’s Zhuhai Wanda Commercial Management recently conducted a roadshow in Hong Kong to inquire about the listing price, according to Chinese news outlet The Paper.
A number of investment institutions participated in the roadshow, among which two foreign institutions indicated that they could be the cornerstone investors if the price is suitable, the report said.
Wanda Commercial Management submitted its listing application in Hong Kong for the forth time at the end of June, with CITIC Securities, JPMorgan and Credit Suisse being joint sponsors.
Zhuhai Wanda Commercial Management oversees 472 mainland malls with a gross floor area under management of 65.6 million square metres (706.1 million square feet).
If the unit is not listed by the end of this year, Wanda Commercial and Dalian Wanda Group will have to buy back all the pre-IPO shares and compensate for investment returns at an estimated overall cost of 40 billion yuan ($5.5 billion), according to credit agency S&P Global Ratings.
In April, Fitch Ratings put Dalian Wanda Commercial Management on negative watch for a potential downgrade, citing risks associated with the uncertain IPO path of the mall unit.