File photo of Wang Jianlin, chairman of Dalian Wanda Group. Photo: BloombergShanghai: Tencent Holdings Ltd is leading the acquisition of 14% of billionaire Wang Jianlin’s Wanda Commercial for 34 billion yuan ($5.4 billion), a deal that will begin the target company’s retreat from real estate development. Last week, the real estate mogul said Wanda wouldn’t experience any defaults and intended to pay off overseas debt through all necessary means, including asset disposals. Wanda Commercial, the country’s largest owner and operator of shopping malls, was delisted from the Hong Kong stock exchange in 2016 in a $4.4 billion privatization. As part of the deal announced Monday, the company will change its name and begin shedding real estate development operations over the next one to two years, Wanda Commercial added.

Source: Mint January 29, 2018 13:52 UTC