Shanghai — Tencent is leading the acquisition of 14% of billionaire Wang Jianlin’s Wanda Commercial for 34-billion yuan ($5.4bn), a deal that will begin the target company’s retreat from real-estate development. Online mall JD.com, Sunac China and Suning Commerce — a retailer backed by e-commerce giant Alibaba — would also take part in the acquisition of shares owned by private investors who backed Wanda’s delisting plan in 2016, the Chinese company said on its website. Wang, once China’s richest man, is extending a global sell-off of assets to fund debt repayments. Last week, the real-estate mogul said Wanda would not experience any defaults and intended to pay off overseas debt through all necessary means, including asset disposals. His Dalian Wanda has agreed to sell both of its Australia property projects for A$315m ($255m) in the latest of a wave of deals intended to raise cash abroad for the formerly acquisitive conglomerate. Wanda Commercial, the country’s largest owner and o...

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