SHANGHAI – Two of China’s largest Internet companies have teamed up with one of the country’s biggest real estate developers to launch an e-commerce venture aimed at becoming the dominant online-to-offline platform in China’s explosive online shopping sector.
Dalian Wanda Group, developer of shopping malls, hotels and movie theaters, announced on Friday that it has entered a joint venture with Tencent Holdings, which owns online portals, social media services and gaming platforms, and Baidu Inc., China’s largest search engine. The 5 billion yuan ($814 million) joint venture will be registered in Hong Kong. Wanda will hold a 70 percent stake while Tencent and Baidu will hold 15 percent stakes respectively, the companies said in a press release.
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