Tencent, JD Group to buy 14% of Wanda Property flagship for $5.4b

Tencent Holdings, along with investors including Suning Holdings Group, JD.com and Sunac China Holdings Group, have signed agreements with Dalian Wanda Commercial Properties (DWCP) to pay approximately $5.4 billion for a 14 percent stake in the real estate company.

The investment “represents one of the world’s largest single strategic investments between Internet companies and brick-and-mortar commercial giants,” Wanda said.

And “starting today, DWCP will no longer be a property developer, but rather will become a pure commercial management company and will push to list as soon as possible,” said Wanda in a statement.

DWCP’s name will change to Dalian Wanda Commercial Property Management.