Wanda gets 34b yuan investment from Tencent

The property unit of Dalian Wanda Group, owned by Chinese billionaire Wang Jianlin, announced it had signed strategic investment agreements with investors in Beijing on Monday.

Dalian Wanda Commercial Properties Co Ltd, the world's biggest commercial property company, will sell 14 percent of its stake to investors for 34 billion yuan ($5.37 billion), a statement by Wanda Group said.

Initiated by China's internet giant Tencent Holdings Co Ltd, the investors also include Suning Holdings Group, one of the largest home appliances retailers in China; China's second-largest e-commerce player, JD.com Inc and Hong Kong-listed property conglomerates Sunac China Holdings Ltd.

The 14-percent stake used to be free-floating stock when Wanda Commercial was listed in Hong Kong in 2014 and was then held by investors who purchased the stake upon the company's delisting from the Hong Kong Stock Exchange in 2016.

After the introduction of strategic investors, Wanda Commercial Properties will be renamed Wanda Commercial Management Group. Wanda Commercial aims to sell off its existing for-sale properties in the next one to two years and then stop engaging in property development, according to the statement.

The new company will transform into a company solely focused on commercial management and strive to go public as soon as possible, the statement said.