Wang Jianlin’s Wanda unit gets a US$8.4 billion capital injection from PAG-led consortium
- Wang Jianlin’s Newland Commercial Management received close to 60 billion yuan from five investors
- The investors led by PAG comprise Citic Capital, Ares Management, Abu Dhabi Investment Authority (ADIA) and the Mubadala Investment Company
Wang’s Newland Commercial Management unit has received close to 60 billion yuan (US$8.4 billion) from a consortium comprising PAG, Citic Capital, Ares Management, Abu Dhabi Investment Authority (ADIA)’s wholly-owned Platinum Peony unit, and the Mubadala Investment Company, according to separate statements published on Saturday.
After the capital injection, the five investors will own a 60-per cent combined stake in Newland, while Wang’s Dalian Wanda Commercial Management Group will hold the remaining 40 per cent.
Newland, founded in January with 16.21 billion yuan in registered capital, is an investment holding company that controls Zhuhai Wanda Commercial Management, an operator that manages 496 large shopping malls across China.
The capital injection followed the restructuring last December of Zhuhai Wanda by PAG and Wanda Commercial, which contained the provision for PAG and its partners to raise their stake to 60 per cent. Wanda Commercial would cut its stake to 40 per cent from 78.9 per cent, under the agreement.
