Wanda Commercial investors give backing to $4.4b buyout

Privatization a victory for Wang Jianlin after recent tough months

Billionaire Wang Jianlin won shareholders' approval to buy out his property unit for HK$34.5 billion ($4.4 billion), according to people with knowledge of the matter, clearing the way for the biggest-ever privatization deal in Hong Kong.

The HK$52.80-a-share bid for all of Dalian Wanda Commercial Properties Co's Hong Kong-listed shares received the necessary support of minority investors at an extraordinary meeting of shareholders in Beijing on Monday, according to the people, who asked not to be identified ahead of an official announcement. Wanda didn't immediately respond to a request for comment.