Wanda's mall deal bags petrodollar safety net [Reuters]
Ares Management Corporation Class A (ARES)
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Source: Reuters
SINGAPORE, April 2 (Reuters Breakingviews) - Wang Jianlin has found the hottest new shoppers in town: Middle East funds. The Chinese tycoon, chair of Dalian Wanda and once the region's richest man, is handing 60% of his shopping mall manager to new and existing investors for $8.3 billion. It helps Wang avoid a funding crunch and underscores how buyers and sellers in the People's Republic are increasingly looking for a petrodollar safety net. The consortium revealed , opens new tab on Saturday that the Abu Dhabi Investment Authority and Mubadala will join the blockbuster deal outlined in December. The funds from the United Arab Emirates will provide a significant part of the new money. Existing investors, including Asia-focused buyout firm PAG, China's CITIC Capital and Ares Management (ARES.N) , opens new tab , are rolling some proceeds from an earlier investment into the purchase. They invested $5.9 billion in the mall business in 2021; Wanda owed them around $4 billion plus inter
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