DALIAN, China/SHANGHAI -- Chinese conglomerate Dalian Wanda Group, known for its acquisitiveness, is unloading assets at a faster pace as a crackdown on corporate debt cuts off financing -- with the proceeds exceeding 130 billion yuan ($19.2 billion) for sales spanning the past year and a half.
The company announced Tuesday the sale of all 37 of its remaining department stores for an undisclosed sum to private electronics retailer Suning.com, which hopes to turn them around in part through a fusion with e-commerce.
