Wanda Commercial Properties (Group), a Hong Kong-listed real estate investment company controlled by China’s richest man Wang Jianlin, said today it plans to raise $318 million in a stock sale from existing shareholders.

Funds will be used for investments in China and overseas “when suitable opportunities become available,” as well as for general working capital.   Investors will be allowed to buy three shares for each held at a price of HK$2.88 each, according to a statement. The company also said it plans to change the number of board lots per traded share. (Click here for details.)

Wang, whose Wanda Overseas owns 65% of Wanda Commercial Properties, topped the 2013 Forbes China Rich List published in October with wealth of $14.1 billion. Forbes Asia, the Asia edition of Forbes magazine, named Wang as its Businessman of the Year for 2013 last month.

Wanda Commercial Properties shares have climbed 10-fold in the past year, mostly since Wang disclosed plans to acquire control of the business which was formally known as Hengli Properties Development. The company’s name has since been changed to Wanda Commercial Properties (Group).   Wang’s movie chain AMC, which he purchased for $2.6 billion last year, is currently seeking to go public in the United States.

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