Dalian Wanda Group will sell a 49% stake in its investment unit, which is a leading shareholder in movie theater operator Wanda Film, to raise funds for debt payments.
© Reuters
NORIYUKI DOI and KENJI KAWASE, Nikkei staff writers |
SHANGHAI/HONG KONG — Dalian Wanda Group has agreed to sell a 49% stake in its investment arm to a Tencent Holding-backed company in a deal that will raise 2.26 billion yuan ($314 million), as the troubled Chinese property conglomerate aims to stave off a debt default.
The shares in Beijing Wanda Investment will be transferred to China Ruyi Holdings, a production company backed by Tencent.
