Wanda Group, China’s top commercial property conglomerate which is also engaged in tourism, hotels and entertainment, is teaming up with Chinese Internet giants Tencent and Baidu to set up an e-commerce joint venture by investing 5 billion yuan (around US$814 million) on aggregate. Wanda will hold a dominant 70% stake in the joint venture, while Tencent and Baidu will own 15%, respectively.

According to the agreement, the three partners will deepen their collaborations by connecting account systems, sharing traffic, membership benefits, big data, payment and online finance, etc.

Wang Jianlin, chairman of Wanda, added they planned to introduce new investors and the investment amount is expected to reach 20 billion yuan in future five years.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.