Ambitious mainland developer Dalian Wanda Group is seeking to list its commercial property arm in either Hong Kong or the United States. A spokeswoman for the group said the firm planned to list the arm, a core business alongside its residential property unit, but declined to give details. Dalian has built 16 commercial plazas in major cities and signed agreements with 14 multinationals, including Wal-Mart, to lease 80 per cent of its space. The firm is also negotiating to build more commercial plazas in Harbin, Changchun, Shenyang, Beijing, Xian, Wuhan, Changsha, Nanchang, Nanning and Shanghai. President Wang Jianlin's strategy is to retain ownership of the properties and lease the space. He has announced a target of 30 plazas by the end of this year and 80 by the end of 2010, with an annual rental income of 10 billion yuan (HK$9.29 billion). However, Dalian's high debt level has forced him to compromise and sell some of the properties. 'We have no alternative but to sell a small portion of our portfolio,' Mr Wang said. 'Our aim is to use short-term profit for the benefit of long-term profit.' The company says it wants to offer Hong Kong's investors an opportunity to buy into commercial real estate in the mainland, one of the world's fastest growing sectors.