A Chinese tycoon has succeeded in taking his Hong Kong-listed property arm private less than two years after its flotation, as local groups eye mainland listings as a way to higher valuations.
Hong Kong investors voted yesterday to approve Wang Jianlin’s US$4.4bn offer for Dalian Wanda Commercial Property. That makes it by far the largest take-private for a Hong Kong group, although a wave of similar deals in New York have seen offers totalling at least US$40bn in the past two years.
The HK$52.8 per share offer represented a 10 per cent bump on the company’s 2014 listing price and a 44 per cent premium to its price before the idea of an offer was first floated in March.
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