China’s Dalian Wanda Commercial Properties Co Ltd said on Monday one of its largest shareholders intends to approve the developer’s Hong Kong delisting proposal, Reuters reports. In a stock exchange filing, Wanda Commercial said China Life Insurance Co Ltd – which owns around 7.4% of its Hong Kong shares – has sent a letter of intent favoring the delisting. China Life is joint largest shareholder of the developer’s Hong Kong shares, along with the Kuwait Investment Authority. Wanda Commercial will seek shareholder approval on Aug. 15 for its plan to delist, after parent Dalian Wanda Group offered $4.4 billion in cash to take the developer private before relisting it in China in the hope of better valuations.
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