Wanda, Tencent to set up internet JV for smart retail

BEIJING - Chinese property conglomerate Dalian Wanda has partnered with internet giant Tencent and GaoPeng to set up an internet joint venture, the three companies announced Wednesday.

The tech joint venture will leverage the three companies' strengths to promote a new retail model, integrating online and offline resources.

Wanda's commercial management branch and Tencent will hold 51 percent and 42.48 percent shares of the new company, respectively, while GaoPeng, a joint venture by US group-buying website Groupon and Tencent, will hold the remaining 6.52 percent.

The new firm will help upgrade Wanda's commercial centers with smart solutions by using Tencent's huge online traffic and GaoPeng's digital invoice services.

A group of companies led by Tencent invested 34 billion yuan ($5.3 billion) in Wanda's commercial property branch in January as Chinese internet firms are keen on tapping the country's growing retail market.