Wanda Light Asset gears up for HK IPO

Wanda Light Asset Commercial Management Co has started preparations with banks for a Hong Kong initial public offering, Bloomberg reported Wednesday, citing anonymous sources.

Citic Securities Co, Goldman Sachs Group Inc and JPMorgan Chase & Co are working with the company to prepare for the first-time share sale, which could happen as soon as this year, sources told Bloomberg.

In an earlier report from Reuters in April, two people with direct knowledge of the matter said Wanda Light Asset aimed to raise about 20 billion yuan ($3.08 billion) for its commercial property management business.

Wanda Light Asset primarily operates its parent - Wanda Commercial Management Group's commercial complex, including 368 Wanda Plaza open to the public and 155 under construction as of this March, per an official statement from Wanda Group.

On March 29, Wanda Commercial Management Group signed an agreement with the Zhuhai government in South China's Guangdong province, announcing the reorganized Wanda Light Asset would be headquartered in the city's Hengqin New Area.

The State-owned Assets Supervision and Administration Commission of Zhuhai would make strategic investment of 3 billion yuan into the unit, according to the agreement.