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.
To read the full article, please click here.
Aug 14, 20133974
May 16, 20142444
Jun 20, 20142537
Apr 21, 20142402
SmithStreet provides you source for today’s leading business ideas. Our content explores the topics critical to China market today.