A Chinese tycoon has succeeded in taking his Hong Kong-listed property arm private less than two years after its flotation, as local groups eye mainland listings as a way to higher valuations.

一位中国富豪成功地将其不到两年前在香港上市的房地产公司收归私有。目前中资集团纷纷希望在内地上市，认为这是一种达到更高估值的途径。

Hong Kong investors voted yesterday to approve Wang Jianlin’s US$4.4bn offer for Dalian Wanda Commercial Property. That makes it by far the largest take-private for a Hong Kong group, although a wave of similar deals in New York have seen offers totalling at least US$40bn in the past two years.

香港投资者昨日投票批准王健林对大连万达商业地产(Dalian Wanda Commercial Properties)的44亿美元报价，使其成为香港遥遥领先的最大私有化交易，尽管在纽约进行的一波类似交易在过去两年的报价总计至少达到400亿美元。

The HK$52.8 per share offer represented a 10 per cent bump on the company’s 2014 listing price and a 44 per cent premium to its price before the idea of an offer was first floated in March.

每股52.8港元的报价比该公司2014年的发行价高出10%，且相对于3月份私有化想法首次提出之前的股价有44%的溢价。

Wanda listed its property arm to fanfare in December 2014 but its shares, initially boosted by the mainland stock market boom in early 2015, did not trade above their offer price between November 2015 and the March 2016 privatisation offer.

万达在2014年12月大张旗鼓地上市其房地产部门，但其股价在2015年上半年得到内地股市行情高涨的提振后，在2015年11月至2016年3月私有化报价发出之间一直低于发行价。

Property is the foundation of Mr Wang’s fortune, and his Wanda Plaza mixed-use property developments are common across China. He has moved into entertainment with the purchase of Hollywood studio Legendary Entertainment as well as US cinema chains. Earlier this summer, he took on Disney by opening the Wanda City theme park weeks ahead of the launch of Disneyland Shanghai.

房地产是王健林财富的基础，他的万达广场(Wanda Plaza)综合用途地产开发项目在中国颇为常见。他已进军娱乐行业，收购好莱坞电影制片公司传奇娱乐(Legendary Entertainment)以及美国院线。今夏早些时候，他还叫板迪士尼(Disney)，在上海迪士尼乐园(Disneyland Shanghai)开幕几周前开张了“万达城”(Wanda City)主题公园。

Mr Wang is expanding into overseas property development, securing ￡500m in financing for two towers he is developing as part of London’s Nine Elms project.

王健林正扩张进入海外房地产开发，为他正在开发的两栋伦敦高楼（伦敦Nine Elms项目的一部分）落实了5亿英镑资金。

The take-private deal could pose a risk to Hong Kong’s market if other companies choose to follow suit since the city offers lower valuations for mainland companies than Shanghai or Shenzhen and even New York.

如果其他公司选择跟风，那么万达的私有化交易可能对香港股市构成风险，因为这里给予内地企业的估值低于上海或深圳，甚至还不如纽约。

Outside the tech sector, US-listed Chinese groups have often felt ignored and undervalued by investors there. In Hong Kong, meanwhile, mainland groups receive more attention, but valuations are dragged lower by investor distrust, or at best a lack of interest.

除了科技类股票外，在美国上市的中资集团常常感到被那里的投资者忽视和低估。而在香港，内地集团受到更多关注，但估值受到投资者不信任（或者往好了说是缺乏兴趣）的拖累。

The valuation gap between the mainland and Hong Kong-listed shares of Chinese groups has reached its lowest in 10 months, but mainland shares are still 20 per cent more expensive.

内地和香港上市的中资集团股票之间的估值差距已收窄至10个月最低位，但内地股价仍高出20%。

Wanda’s deal comes as China regulators probe the take-private trend.

万达的交易进行之际，中国监管部门正在调查这股私有化趋势。

The queue for initial public offerings in Shanghai and Shenzhen is believed to include several hundred companies, so some companies looking to switch listings have sought to speed up the process by taking over already-listed groups — something that regulators are questioning.

据信目前有数百家企业排队等候在上海或深圳股市进行首次公开发行(IPO)，因此有意变更上市地点的一些企业寻求通过收购已经上市的公司来加快过程；监管机构正在质疑这种操作。