Dalian WandaCommercial Properties Co. Ltd. said that China Life Insurance Co.Ltd. has provided a letter of intent favoring the developer's and .

As at July 25, China Life, which is the biggest shareholderin the developer, held48,445,000 H shares, or about 7.42% of the total issued H shares, and 1.07% ofthe issued share capital of the company.

Under the plan, Dalian Wanda Commercial will be takenprivate for HK$52.80 per H share, reflecting a consideration of approximatelyHK$34.45 billion in case of full acceptance of the offer.

The developer's parent, Dalian Wanda Group, is offering tobuy out other owners in the Hong Kong-listed unit, with Wanda shareholdersslated to vote on the proposal at an extraordinary general meeting to be heldAug. 15.

Dalian Wanda is seeking to relist the developer in mainlandChina, according to a Bloomberg News report.

The offer is subject to certain conditions including atleast 75% approval from independent H shareholders for the delisting and thepassing of a resolution approving the delisting. Bloomberg noted thatopposition from even 10% of shareholders could derail the transaction.

If the proposal is approved and the Chinese conglomerategets the support it requires from shareholders, Dalian Wanda Commercial will bedelisted in Hong Kong Sept. 20.