China developer Wanda sells 60% of mall unit in $8.3 billion deal
© Reuters. People walk on an overpass past the headquarters of Dalian Wanda Group, in Beijing's Central Business District , China August 8, 2023. REUTERS/Tingshu WangHONG KONG - A group of investors led by private equity firm PAG on Saturday announced an investment of $8.3 billion for a 60% stake in Chinese property giant Dalian Wanda's mall unit.
Dalian Wanda will retain 40% in Newland Commercial Management, the holding company of Zhuhai Wanda Commercial Management Group Co, the statement said."We like the competitive edge and first mover advantage that Newland has built and we think these advantages will allow it to generate stable and growing cash flow to investors," said David Wong, partner and co-head of private equity at PAG.
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