Dalian Wanda Commercial Properties, China’s largest business property developer by sales, has signalled a shift in strategy a month after its $3.7bn listing on the Hong Kong stock exchange.
The group said it had signed an agreement with four Chinese investors to finance the construction of 26 new commercial developments — the first time it has brought in outside investors.
Wanda said the Rmb24bn ($3.9bn) deal marked the “official launch of an asset-lite strategy” under which it will reduce its reliance on property sales in favour of a more rental-driven model. Income from the projects will be split 60-40 between the investors and Wanda, with the company promising an annual return of at least 7 per cent over the first 10 years.
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