Property giant Dalian Wanda Group yesterday launched China’s first commercial property crowdfunding project as it gears up to build hundreds of malls in China.
Called "Stable Earner No.1", the platform gives ordinary people a chance to invest directly in new Wanda shopping plazas, and will help fund construction.
Wanda says the rate of return "may reach over 12%", and the minimum investment is just Rmb1,000, about $161, but investors must be quick – the campaign lasts only from 12 to 15 June.
In April Wang Jianlin (pictured), chairman of Wanda Group – and China’s richest man, according to Forbes magazine – said his group will have 1,000 malls open by 2025 in China’s third and fourth-tier cities. The group had 109 such plazas at the end of last year.
Dalian Wanda is considered already to be China’s biggest private property developer, and the world’s largest cinema chain operator, owning Wanda Cinemas, AMC Entertainment and the Hoyts Group.
Wanda called the scheme "revolutionary" because it "lowers the traditional minimum investment thresholds of commercial property, making it possible for ordinary investors to own quality property and share the hefty investment returns with leading commercial property developers".
The "Stable Earner No.1" product will be distributed via 99 Bill platform and 99 Bill wallet APP with limited quota.
Photograph: Dalian Wanda Group chairman Wang Jianlin at a World Economic Forum meeting in 2009 (World Economic Forum/Wikimedia Commons)