Shares of Dalian Wanda Commercial Properties, one of the biggest mall developers in China, fell in their debut on the Hong Kong stock market.

The shares of the company went down to HK$46.75 as the trade came to an end that day, which is 2.6% lower than the original offered price of HK$48. It was not surprising that it closed with those figures because of the inconsistent performance of the property sector. According to Geo Securities CEO Francis Lun via an interview with AFP, the shares of Dalian Wanda is a property stock and the expectations for property in China is not doing well.

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Dalian Wanda Group owner Wang Jianlin made $3.7 billion through his Wanda Commercial Properties after he sold 600 million shares worth $6.19 each, which is also its highest price range.

The company's move to sell its shares for the first time is expected to make Wang once again the richest man in China, a title he has held since last year before Alibaba's founder Jack Ma took over this 2014. According to Forbes, Wang, who owns 98% of the Wanda Dalian Group went down as the 4rth richest man in China.

According to the prediction made by United Simsen Securities' associate director Jackson Wong, the biggest IPO debut made by Dalian Wanda will not be as huge as expected. Instead, they will have a flat debut due to its size and value. He even added that the company currently valued itself as lower than any other property stocks in Hong Kong.

Wong also stated that Hong Kong does not have a high demand when it comes to property stocks as of the moment and this is why it is most likely this debut won't be big, on the other hand it won't be that bad either like what most people would think. Lately, IPOs have experienced 10 to 20% drop from their opening price and this is why Dalian Wanda's debut could probably do just fine.

After all the predictions made by different analysts, Bloomberg said that the event was hailed as the 2nd worst debut for a billion dollar IPO ever made within the last three years in Hong Kong.

TagsIPO, Asia, Mall, Dalian Wanda, Hong Kong