DALIAN, China — Chinese supermarket chain Yonghui Superstores will sell its 1.4% stake in a property investment unit of mall giant Dalian Wanda Group, looking to increase asset efficiency as its stores struggle from the spread of online shopping.
The shares in Dalian Wanda Commercial Management Group will be sold to an affiliate of real estate developer Dalian Yifang Group for 4.5 billion yuan ($631 million). Yonghui announced the sale on Wednesday.
