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Tencent-led consortium to invest $5.4 bn in Wanda Commercial Properties

The investment in China's largest mall operator marks Tencent's latest foray into old-school retail

Tencent-led consortium to invest $5.4 bn in Wanda Commercial Properties

A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China. (Photo: Reuters)

Tencent Holdings Ltd is leading the acquisition of 14 per cent of billionaire Wang Jianlin’s Wanda Commercial Properties Co for 34 billion yuan ($5.4 billion), a deal that will begin the target company’s retreat from real estate development.

Online mall Inc, Sunac China Holdings Ltd and Suning Commerce Group Co — a retailer backed by e-commerce giant Alibaba Group Holding Ltd — will also take part in the acquisition of shares owned by private investors who backed Wanda’s delisting plan in 2016, the Chinese company said on its website.

The investment in China’s largest mall operator marks Tencent’s latest foray into

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First Published: Jan 29 2018 | 9:03 PM IST

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