$55 Billion APAC Private Equity Group PAG to Setup $7 Billion Fund to Acquire 48 Shopping Malls from China Largest Commercial Property Group Dalian Wanda Group
27th May 2025 | Hong Kong
Asia-Pacific private equity group PAG ($55 billion AUM) has been reported to setup a $7 billion fund to acquire 48 shopping malls from China largest commercial property group Dalian Wanda Group. In 2024 April, Private equity group PAG, CITIC Capital, Ares Management & sovereign wealth funds Abu Dhabi Investment Authority (ADIA) subsidiary & Mubadala Investment Company announced the investment of $8.3 billion to own 60% of newly formed & largest shopping mall manager in the world with 496 large-scale shopping malls in China Newland Commercial Management, and (China) Dalian Wanda Commercial Management owning the remaining 40%. In 2024 March, Dalian Wanda implemented a $8.3 billion agreement in December 2023 with new & existing shareholders, with Dalian Wanda owning 40% & the remaining 60% owned by investors led by private equity group PAG in a new holding company Newland Commercial Management. The investors include PAG, CITIC Capital, Ares Management, Abu Dhabi Investment Authority, Mubadala Investment Company, Ant Group & Tencent. In December 2023, Dalian Wanda reached a new agreement with new & existing shareholders including private equity PAG, Ant Group, Country Garden to own 60% and Dalian Wanda to own 40% of Zhuhai Wanda Commercial Management. (Country Garden has reached a separate agreement to sell its 1.79% shareholding to Dalian Wanda for $428 million / HKD 3.07 billion and to receive 3 payments by 2024 March). The original agreement was $4.4 billion to be repaid to pre-IPO investors by end of 2023 if IPO fails. In June 2023, Dalian Wanda had applied for a Hong Kong IPO (Initial Public Offering) for the 4th time for Zhuhai Wanda Commercial Management. Dalian Wanda had owned 69.66% of Zhuhai Wanda Commercial Management. For the last 3 years, Zhuhai Wanda Commercial Management had exceeded the performance goals, with net profit for 2023 increasing +27% to $1.3 billion & revenue increasing +8% to $4.1 billion. Dalian Wanda is founded by Chairman Wang Jianlin in 1988, and is one of the world’s leading real estate company, leading film company, leading sports company and leading children’s entertainment company.
“ $55 Billion APAC Private Equity Group PAG to Setup $7 Billion Fund to Acquire 48 Shopping Malls from China Largest Commercial Property Group Dalian Wanda Group “
PAG is a leading alternative investment firm focused on APAC with three core strategies: Credit & Markets, Private Equity, and Real Assets. We manage capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. PAG has more than 300 investment professionals in 15 key offices globally and manages approximately USD55 billion in assets. History – PAG is a leading diversified alternative investment firm with three major businesses: Credit & Markets (CM), Real Assets (RA), and Private Equity (PE). The history of PAG dates back more than two decades. PAG RA originated from Secured Capital founded by JP Toppino in 1997. CM grew out of Pacific Alliance Group, founded by Chris Gradel in 2002. Weijian Shan founded PAG’s PE business in 2010. In the same year, Messrs. Gradel, Shan and Toppino brought their respective successful strategies under the PAG brand, and each of the three founders continues to manage each of the three businesses.
Private Equity Group PAG, CITIC Capital, Ares Management & Sovereign Wealth Funds Abu Dhabi Investment Authority & Mubadala Investment Company Invest $8.3 Billion to Own 60% of Newly Formed & Largest Shopping Mall Manager in the World with 496 Large-Scale Shopping Malls in China Newland Commercial Management, China Dalian Wanda Commercial Management Owns Remaining 40%
5th April 2024 – Private equity group PAG, CITIC Capital, Ares Management & sovereign wealth funds Abu Dhabi Investment Authority (ADIA) subsidiary & Mubadala Investment Company have announced the investment of $8.3 billion to own 60% of newly formed & largest shopping mall manager in the world with 496 large-scale shopping malls in China Newland Commercial Management, and (China) Dalian Wanda Commercial Management owning the remaining 40%. Announcement (30/3/24): “PAG, together with CITIC Capital, funds managed by Ares Management (“Ares”), Platinum Peony B 2023 RSC Limited (a wholly-owned subsidiary of the Abu Dhabi Investment Authority or “ADIA”), and Mubadala Investment Company (“Mubadala”), today announced the signing of a joint investment of approximately USD8.3 billion for a 60% stake in Newland Commercial Management, a manager of shopping malls. Dalian Wanda Commercial Management Group Co. Ltd. holds the remaining 40%. Newland is a newly formed holding company of Zhuhai Wanda Commercial Management Group Co., Ltd., a leader in shopping mall management for over 20 years which currently manages 496 large-scale shopping malls across China. In August 2021, PAG, CITIC Capital, Ares and other existing investors invested in this business. In the three years since then, it has consistently outperformed its financial targets and has generated net profit of USD0.8 billion in 2021, USD1.1 billion in 2022, and USD1.3 billion in 2023, representing an annual growth rate of ~32%. On December 12, 2023, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of an investment agreement framework to restructure Zhuhai Wanda Commercial Management. The agreement signed today implements the December 12 agreement. This investment will facilitate corporate governance independent from its former parent, provide better incentives for its management, and support Newland’s continued operational improvement. The investors are committed to further strengthening Newland’s market-leading position in the industry.
David Wong, Partner and Co-Head of Private Equity at PAG: “This investment reflects the expectation and recognition of Newland’s long-term growth potential by international institutional investors. We like the competitive edge and first mover advantage that Newland has built and we think these advantages will allow it to generate stable and growing cash flow to investors.”
Yichen Zhang, Chairman and Chief Executive Officer of CITIC Capital: “CITIC Capital believes in the large potential of the business services market in China. As a frontrunner in the industry, Newland has significant competitive advantages and growth prospect. We are confident that this investment will provide Newland with lasting stability and support, facilitating the company’s robust and rapid growth, and drive further value creation.”
About Newland Commercial Management
Newland Commercial Management is the holding company of Zhuhai Wanda Commercial Management Group Co., Ltd. and the world’s largest shopping mall management company. Over the past 20 years it has established partnerships with more than 25,000 brands and built a strong competitive edge in the market. The company currently manages 496 large-scale shopping malls in 230 cities across China with about 70 million square meters of floor space under management, serving more than 100,000 commercial tenants. The company is committed to green and high-quality development with a majority of the shopping malls under its management having obtained Green Mall certification.
About PAG
PAG is a leading private equity firm focused on Asia-Pacific with three core businesses: Real Assets, Credit & Markets and Private Equity (buyouts and growth). It manages capital on behalf of nearly 300 global institutional investors. PAG has more than 760 employees in 15 key offices globally, and approximately USD55 billion in assets under management.
About CITIC Capital
Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD16 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 290 portfolio companies that span 11 sectors and employ over 500,000 people around the world.
About ADIA
Established in 1976, the Abu Dhabi Investment Authority (ADIA) is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $276 billion portfolio spans six continents with interests in multiple sectors and asset classes. It leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2023, Ares Management Corporation’s global platform had approximately $419 billion of assets under management, with approximately 2,900 employees operating across North America, Europe, Asia Pacific and the Middle East.
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