Dalian Wanda sells 37 department stores for $1.2b

Dalian Wanda has sold 37 department stores to Chinese retailer Suning.com, one of China’s largest retailers, for an amount estimated to be RMB 8 billion ($1.18 billion).

The sale is part of the Chinese developer’s plan of selling off overseas and noncore assets. And it will help facilitate Suning’s efforts to build an integrated retail scene that provides service coverage from online to offline.

Suning said the move is an important part of its 2019 strategy and the 37 department stores are mostly located in first- and second-tier cities and have more than 4 million member-customers.

Wanda Department Stores operates as a subsidiary of Chinese conglomerate Dalian Wanda Group.