Tencent leads acquisition of 14% stake in Wanda's property unit

Shanghai

DALIAN Wanda Group said that it is getting a 34 billion yuan (S$7 billion) investment in its property arm from a group of investors and will strive to take the company public as soon as possible, easing pressure on the conglomerate to meet a listing deadline.

Chinese Internet giant Tencent Holdings is leading the acquisition of the 14 per cent stake in billionaire Wang Jianlin's Wanda Commercial Properties, Wanda said on its website late on Monday.

Tencent and other e-commerce, retail and real estate companies are buying a stake held by private equity investors who were guaranteed annual returns of as much as 12 per cent if the …