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Wanda Group sheds assets as fast as it bought them

Fire sale including department stores and theme parks reaches $19bn

A man walks in front of an entrance to a Wanda Department Store in Wuhan, Hubei Province. The company once operated around a hundred such department stores across China.   © Reuters

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, which hopes to turn them around in part through a fusion with e-commerce.

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