Wanda property arm seeks ‘not for money’ IPO in HK

(ECNS) -- Dalian Wanda Commercial Properties will list on the Hong Kong Stock Exchange for an initial public offering (IPO) by the year end, while its boss said the move is 'not for money', Guangzhou-based Time Weekly reported.

The company exposed financial reports Tuesday evening based on the offering that unnamed resources said would take place by the end of this year and could raise between $5 billion to $6 billion.

However, certain senior staff members at the company contacted by the newspaper declined to reveal more details, "It depends on staff in charge of IPOs."

Wang Jianlin, the county's richest man and boss of the company, said the move is not aimed at raising money, as the cash from an IPO would not play a big role in his company, which boasts assets of 500 billion yuan ($81.42 billion).

The 60-year-old clarified that he thought more of being financially transparent and showing growth in the capital market.

As of June 30, 2014 the company has operated and planned 178 business projects in 112 cities across China, including 195 Wanda Plazas with 168 shopping malls and 102 luxury hotels, according to its financial reports.

Owning 14 billion-square-meters of property, the company's net profits reached 24.88 billion yuan ($4.05 billion) in 2013.

Dalian Wanda Commercial shelved its plan to go public in Shanghai this year after unsuccessfully seeking approval, according to the China Securities Regulatory Commission website.

The company also acquired a majority stake in a Hong Kong-traded firm last year for a potential back-door listing.

Dalian Wanda Commercial Properties is the property arm of Dalian Wanda Group, the Chinese company that bought movie chain AMC Entertainment AMC Holdings in 2012.