Commercial property powerhouse Wanda Commercial has finalised investment deals with a small group of Chinese tech giants in a bid to boost its online retail business, reports People’s Daily.
The agreements secure Wanda Commercial, the flagship company of Dalian Wanda Group, a massive 34 billion yuan ($5.37 billion) of investments in exchange for a 14% stake in the business, making it one of the largest single strategic investment deals of its kind. The group providing the capital includes big players in the e-commerce industry Tencent and Suning, as well as property developer Sunac.
Dalian Wanda Group is already the worlds largest commercial property firm, holding 31.5 million square meters of operating commercial property at the close of 2017.