Dalian Wanda Commercial Properties Co. drew $1.99 billion of commitments for its initial public offering from cornerstone investors.

Dalian Wanda Commercial Properties Co., the Chinese developer controlled by billionaire Wang Jianlin, drew $1.99 billion of commitments for its initial public offering from cornerstone investors including Kuwait’s sovereign wealth fund and Och-Ziff Capital Management Group LLC.

Kuwait Investment Authority and China Life Insurance Co. each pledged to invest $300 million in the IPO, while Och-Ziff will buy $250 million of stock, according to terms for the deal obtained by Bloomberg News. Cornerstone investors will account for at least 52 percent of Wanda Commercial’s offering, which could raise as much as $3.84 billion.

Och-Ziff, the New York-based hedge fund, also bought into CGN Power Co.’s $3.2 billion sale this month. Cornerstone investors typically pledge not to sell the shares for six months in return for guaranteed allocations.

Beijing-based Wanda Commercial is offering 600 million shares at HK$41.80 to HK$49.60 apiece, the terms show. Ping An Insurance (Group) Co. plans to buy $299 million of stock, while APG Real Estate and Gree Electric Appliances will each invest $200 million, the terms show.

Wanda Commercial plans to set a final price for the IPO on Dec. 16 and start trading on Dec. 23, according to the terms.

The company, founded in 2002 in northeastern China, owns 89 shopping malls in operation and 48 completed hotels across the nation, according to a Sept. 16 pre-listing filing. It is the flagship of closely-held Dalian Wanda Group Co., which also runs a department-store chain, tourism businesses, a Chinese cinema operator and AMC Entertainment Holdings Inc. (AMC) in the U.S.