American Edward Loar was one shot off the pace after making eight birdies for a 5-under 66. Loar also had three bogeys at the 6,624-yard course at the Macau Golf and Country Club.
Defending champion Jason Knutzon of the United States (69) and Australia's Jarrod Lyle (67) were both two strokes off the lead with a three-day total of 204.
Taiwan's Lu Wei-lan, who led after two rounds, was three strokes back after bogeying five holes for a 2-over 73.
Former Masters champion Fred Couples bounced back from Friday's disastrous round, which included a quadruple bogey, and shot a 1-over 72. He's seven strokes behind Wang.
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