Deals
Tencent Leads $5.4 Billion Investment in Wanda Commercial
- JD, Sunac and Suning will also take part in acquisition deal
- The investment marks a major internet-retail industry tie-up
Billionaire Wang Jianlin
Photographer: Tomohiro Ohsumi/Bloomberg
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Tencent Holdings Ltd. is leading the acquisition of 14 percent 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 JD.com 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.