Wanda Commercial receives Tencent finance.
Wanda Commercial, who is China’s largest mall developer, will receive some Tencent finance. Included in the $5.37 billion deal are online retailer JD.com and several other companies. They will receive 14% of Chinese billionaire Wang Jianlin’s Wanda Commercial. There will be a name change included in the deal: Wanda Commercial Management Group.
Tencent Holdings Limited is a Chinese multinational investment company focusing on Internet-related services and products, entertainment. They are vigorously competing with Alibaba Group Holding Limited. The deal today will definitely raise the already huge Tencent market share.
In an E-mail statement, Wanda Commercial Management Group said that the deal: “Represents one of the world’s largest single strategic investments between internet companies and brick-and-mortar commercial giants.”
Tencent is already worth over $500 billion dollars. By investing in the Wanda shopping empire, the Tencent market share will work on getting to $1 trillion soon. Having online retailer JD.com involved in this deal will be prudent, as both companies are trying to dismantle BABA. While this is not an easy task, alliances between multiple companies to take out BABA the Giant can be beneficial for the rising middle-class in China.