1: Hong Kong tycoon Li Ka-shing, Net worth: $29.4 billion

ISAAC LAWRENCE/AGENCE FRANCEPRESSE

On the list, Wang ranks third after Hong Kong property tycoon Li Ka-shing, who has $29.4 billion, and Ma with $29.1 billion.

Analysts said a setback on the first day of trading isn't uncommon for IPO stocks. "An IPO does not end in one day. The closing price of Wanda Commercial was in line with market expectations,"Hoogewerf said.

"Unlike the information technology industry, the real estate sector has been slowing down. But the downturn will provide great opportunities for well-financed real estate developers to expand," Hoogewerf added.

The Wanda Commercial IPO has helped Wang to fulfill one of his dreams, Hoogewerf said. "To top the rich list is not what Wang wanted; rather, he wanted the largest IPO."

Hoogewerf said more Chinese companies have been tapping overseas capital markets for funding this year.

"We have seen more action on the international front than in the previous 15 years added together," he said.

Stock analysts said Hong Kong investors are wary of mainland property stocks because of slow property sales in many cities.

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 159 Wanda 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."