China's Wanda raising $3 billion ahead of HK IPO for property management unit - sources

China's Wanda raising $3 billion ahead of HK IPO for property management unit - sources
By Julie Zhu and Kane Wu
Reuters
HONG KONG (Reuters) - Chinese conglomerate Dalian Wanda Group aims to raise 20 billion yuan ($3.08 billion) for its commercial property management business, before listing the unit in Hong Kong by year-end, two people with direct knowledge of the matter told Reuters.
Wanda is targeting primarily private equity investors for Wanda Light Asset Commercial Management Co, aiming for a valuation of 200 billion yuan, said the people.
Several prospective investors tapped by Wanda and its financial advisors, however, have found that valuation "too high", one of the people said.

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