Chinese conglomerate Dalian Wanda Group’s commercial property crowdfunding platform has raised RMB5 billion (US$810 million) three days after its official launch on June 12, says a company announcement.
The crowdfunding platform, named Stable Earner No.1, aims to use the proceeds to finance the construction of Wanda’s shopping malls across China.
On June 18, funds began flowing into the construction of five Wanda Plazas.
Around RMB4.5 billion capital commitments come from institutional investors, while the remaining RMB500 million are from individual investors.
Investors will obtain the right to share profits from these malls. The expected annualized rate of return may reach over 12%, says an earlier statement.
The crowdfunding products, with a minimum initial investment of RMB1,000, are distributed via Wanda’s partner, Chinese online payment firm 99 Bill’s web platform, as well as its mobile app with a quota system.