But they said many overseas institutional investors remain optimistic about the prospects for the mainland property sector, and are particularly interested in the bigger commercial property players.
Hong Kong-based AMTD Financial Planning gave Dalian Wanda a "buy" rating on Wednesday.
In a note, it said the company has diversified sources for income based on its business in commercial property development, running hotels and renting property complexes, which makes it less affected by housing market policies.
Fitch Ratings gave Dalian Wanda Commercial Property a BBB+/stable rating on Sunday, saying the IPO has helped to drive down the company's leverage.
"Wanda has the largest commercial property portfolio in China with 159Wanda Plaza and six Wanda City projects that are already operational or under development," Fitch Ratings analyst Lim Su Aik wrote in a report.
"Furthermore, it has maintained a strong track record for timely delivery of projects, high occupancy rates and continued rental rate growth."
Factbox: Wanda Group by chinadaily.com.cn
Founded in 1988, Dalian Wanda Group operates in four major industries commercial property, hotel development and management, culture and tourism, as well as department stores.
The company's assets totaled 380 billion yuan ($62.8 billion) and net profits exceeded 12.5 billion yuan in 2013, according to its website.
Apart from its recent pursuit to go public with its cinema line and commercial property business, Wanda Group is among the few conglomerates in China that has no listing entity.
Main businesses:
Commercial Properties - Dalian Wanda Group currently operates 98 shopping plazas, with a total leasable area of 17.04 million square meters, ranking second in the world, according to the company's website. Another 27 malls are under construction in China.
Luxury Hotels - Wanda has opened 60 five-star and super five-star hotels across China. Another 10 are currently under construction.
Culture and Tourism - Wanda is among the largest cinema operators, with 6,200 movie screens accounting for 10 percent of the global box office, said the company's website, after acquiring AMC Entertainment, the world's second-largest theater chain in 2012. The group owns 149 cinemas in China and 380 across the US, Canada, Japan and other countries. Its main business also covers film production, performing arts, film entertainment, theme parks and art investment.
Department Stores - Wanda operates 84 department stores in China's major cities, such as Beijing, Shanghai, Nanjing, Chengdu, Shenyang and Wuhan. The company currently plans to expand into 120 by 2015.
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