LY.com (formerly 17U.com or Tongcheng), one of China’s largest ticketing websites, has secured more than 6 billion RMB ($967 million USD) funding from a consortium led by Chinese real estate conglomerate Dalian Wanda Group, Tencent Industrial Capital, CITIC Capital Holdings as well as other institutions. The company did not specify the stakes each investors are acquiring.

The investment, which marks the largest single funding in China’s online travel sector so far, is expected to bring the market valuation of LY.com to 13 billion RMB. Up on completion of this deal, LY.com is re-launching its long-suspended IPO within this year, according to an open letter from the company.

Wanda Group, China’s biggest real estate developer that is quickly expanding to internet-related industries, would pay 3.58 billion RMB of the total investment through its entertainment subsidiary Wanda Culture Industry Group Co. People familiar with the matter disclosed that Wanda Group will become the largest shareholder of LY.com after the deal.

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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.