Zhuhai Wanda Commercial Management Group, the property servicing arm of Dalian Wanda Group, has filed for a Hong Kong stock exchange listing and, according to Chinese media reports, is seeking to raise between $3 billion and $4 billion.

Filing documents posted by the stock exchange don’t mention funding or market valuation targets, but do reveal the company, which manages 380 malls in mainland China, covering a total area of 54.2 million square metres and with an average occupancy rate (from 2018 to 2020) of 98.8 percent, raised about $6 billion in July and August at a valuation of $28 billion.

The company also said in its filing that profit in 2020 fell 8.8 percent year-on-year to 1.1 billion yuan ($172 million).

Zhuhai Wanda is 69.99 percent owned by Dalian Wanda Commercial Management Group (DWCM), a Chinese conglomerate founded and controlled by billionaire, Wang Jianlin, who was once China’s richest man. He has kept a low profile since 2017, when overseas investments by ultra-wealthy Chinese, including Wang, came under increased scrutiny by domestic regulators keen to stem capital outflows.

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