China's Dalian Wanda Group is hoping to secure Hong Kong's biggest-ever stock exchange delisting after offering HK$34.5 billion ($4.4 billion) to reel in listed property unit Dalian Wanda Commercial Properties (DLWNY) .

Wang Jianlin's Dalian Wanda in January struck a $3.5 billion deal for Hollywood producer Legendary Entertainment, while in early March its AMC Entertainment U.S. cinema chain agreed to pay $1.1 billion for Carmike Cinemas (CKEC) .

Closer to home, it said on Monday it will offer HK$52.80 per share for Wanda Commercial's Hong Kong-listed shares, a 44.5% premium to its price on March 29, the day before Dalian first unveiled its plan.

Shares in Wanda Commercial closed Tuesday at HK$49.25, in line with its Monday close but down 1.5% on Friday's price before the market heard the terms of the bid.

Wang's offer comes just over 17 months after he listed a 14.4% stake in the operator of shopping malls and hotels across China on the Hong Kong market . The billionaire has come to regret the listing and wants to re-float the property business on China's main market, where he believes it will fetch a higher valuation.

Dalian Wanda "has made an application for an A-share listing to the CSRC (China Securities Regulatory Commission)," the bidder said in an offer document filed with the Hong Kong exchange on Monday.

Wanda Commercial was valued at about 8.6 times 2016 earnings prior to Dalian Wanda revealing its intention to take the company private, according to an investment document produced by Dalian Wanda. Commercial and property developers listed on China's A-share market traded at earnings multiples of about 29 times.

A re-rating on that scale would significantly boost Wang's own worth. The billionaire controls about 57% of Wanda Commercial through so-called domestic shares, which are not listed on the Hong Kong exchange. That holding includes a 7.3% stake directly held by Wang, an almost 6% stake owned by his wife and other close associates, and a 43.7% stake owned by Dalian Wanda, which is a private company owned by Wang.

The offer for Wanda Commercial is conditional on the approval of the take-private bid by holders of at least 75% of the Hong Kong shares held by minority investors. It would also be blocked if 10% or more of the minority investor-owned shares are voted against the de-listing.

Dalian Wanda is taking financial advice from China International Capital Corp.