DALIAN, China — Major Chinese commercial property developer Dalian Wanda Group plans to sell 48 of its shopping malls to a joint venture led by Hong Kong investment firm PAG, continuing to shed assets to raise cash amid a slumping real estate market.
The joint venture of five companies, including a PAG subsidiary and China’s Tencent Holdings, will acquire shares in 48 regional companies that back Wanda Plaza malls across China. The plans were revealed in a disclosure document dated May 20 from the State Administration for Market Regulation.
