ASIAN private equity firm PAG is close to investing about US$2.8 billion in a funding round for Dalian Wanda Group Co.’s commercial property management unit, nearly doubling the original fundraising target, people familiar with the matter said.

PAG’s commitment brings the total size of the fundraising in the unit, known as Wanda Light Asset Commercial Management, to about US$6 billion, the people said, asking not to be identified as the discussions are private.

Property developer Country Garden Holdings Co. and technology company Tencent Holdings Ltd. are also investing, according to the people.

Investment firms Trustar Capital, a private equity arm of Citic Capital, and Warburg Pincus have joined the round as well, the people said.

The business is one of the world’s largest mall operators, managing its parent’s 381 Wanda Plaza shopping complexes and other real estate in more than 200 cities, according to its website.

It was initially seeking to raise around 20 billion yuan (US$3.1 billion) ahead of a planned initial public offering (IPO) in Hong Kong later this year, Bloomberg News reported in May.

Deliberations are ongoing, and details of the plans could still change, the people said. Representatives for Citic Capital, Country Garden, PAG and Warburg Pincus declined to comment. Representatives for Tencent and Wanda didn’t immediately respond to queries. (SD-Agencies)