DALIAN, China -- Major Chinese commercial property developer Dalian Wanda Group plans to sell 48 of its shopping malls to a joint venture led by Hong Kong investment firm PAG, continuing to shed assets to raise cash amid a slumping real estate market.
The joint venture of five companies, including a PAG subsidiary and China's Tencent Holdings, will acquire shares in 48 regional companies that back Wanda Plaza malls across China. The plans were revealed in a disclosure document dated May 20 from the State Administration for Market Regulation.
.JPG?width=178&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto&height=100)
