Asian News

Wanda Commercial says H1 core profit up 20%

HONG KONG: Dalian Wanda Commercial Properties Co Ltd said its core profit rose 19.7 percent in the first six months, in its last earnings report before delisting from the Hong Kong stock exchange on Sept. 20.

Shareholders of the real estate firm last week approved a buy-out offer that would see the firm privatised.

Wang Jianlin, China’s richest man and the founder of Wanda Commercial, told Reuters on Tuesday that the real estate flagship of his Wanda empire would re-list on the Shanghai Stock Exchange either through an initial public offering (IPO) or a backdoor listing.

Wanda Commercial said in a statement on Thursday its core profit in Jan.-June was 2.7 billion yuan ($405.77 million), citing an increase in revenue of its investment property leasing and property management business.

Its revenue during the period rose 21.8 percent to 37.6 billion yuan.

Companies in China’s commercial property industry have been facing slowing sales and squeezing margins due to a supply glut and competition from a booming e-commerce business. ($1 = 6.6540 Chinese yuan renminbi) ( Editing by Muralikumar Anantharaman)

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