China developer Wanda sells 60% of mall unit in $8.3 billion deal By Reuters

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HONG KONG (Reuters) – A group of investors led by private equity firm PAG on Saturday announced it will spend $8.3 billion for a 60% stake in Chinese conglomerate Dalian Wanda.

Dalian Wanda will hold a 40% stake in Newland Commercial Management, a subsidiary of Zhuhai Wanda Commercial Management Group Co, he said.

CITIC Capital, Abu Dhabi Investment Authority, Mubadala Investment Company and Ares Management (NYSE:) Corporation were also partners in the deal.

“We like the competitive edge and the first mover opportunity that Newland has built and we think these advantages will lead to more stable and higher returns for investors,” said David Wong, partner and head of public affairs at PAG.

Newland manages 496 stores in China, the statement said.

In December last year, PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a financing agreement to reorganize Zhuhai Wanda Commercial Management. The agreement, which was signed on Saturday, fulfills the agreement, he said.

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