Wanda gets IPO approval

Chinese developer Dalian Wanda Commercial Properties Co has won approval from Hong Kong's stock exchange for an IPO, which could be worth up to $6 billion, Reuters reported Monday, citing an unnamed source.

The world's second-largest developer of shopping malls and office buildings plans to use most of the proceeds from the IPO - which would be the largest new listing in Asia, excluding Japan, in four years - to fund 10 projects in China as it seeks to exploit increasing urbanization.

The company received the go-ahead on Monday from the listing committee of the exchange, said the source. It will start gauging investors' interest for the IPO from Wednesday, with a roadshow starting on December 8, the source said.