Wang Jianlin Loses Control of Zhuhai Wanda to Avert $5.3 Billion Redemption

Dalian Wanda Commercial Management Group reduces stake to 40%, outside investors led by PAG now hold majority share.

Wang Jianlin, Chinese billionaire and chairman of Dalian Wanda Group, has relinquished control of his key shopping-mall management unit, Zhuhai Wanda, to avert a $5.3 billion redemption.
Dalian Wanda Commercial Management Group (DWCM), Wang's flagship, will lower its stake in Zhuhai Wanda to 40%, while outside investors led by Asia-focused private equity fund PAG will own 60%.
The changes follow an agreement to unravel an investment plan in August 2021, when outside investors injected fresh capital in Zhuhai Wanda, hoping to profit and exit via an initial public offering in Hong Kong before the end of 2023.
Under the previous agreement, DWCM must repay pre-IPO investors up to 30 billion yuan ($4.2 billion) if the listing fails to take place by end of 2023.
Wang has been struggling with a cash crunch exacerbated by the repeated delays in Zhuhai Wanda’s Hong Kong listing.