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Dalian Wanda Group Co. Agrees to Cede Control of Shopping Mall Unit

(Bloomberg) — Dalian Wanda Group Co. has agreed to cede control of its shopping mall unit in a deal worth 60 billion yuan ($8.3 billion), implementing a December agreement to restructure Zhuhai Wanda.

Investors Take Majority Stake in Newland Commercial Management

Investors led by PAG will hold a combined stake of 60% in Newland Commercial Management, a newly formed holding company of Zhuhai Wanda Commercial Management Group Co., according to a statement on Saturday. Dalian Wanda Commercial Management Group Co. will control the remaining 40%.

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Support for Newland’s Long-Term Growth Potential

The deal ÔÇ£reflects the expectation and recognition of NewlandÔÇÖs long-term growth potential by international institutional investors,ÔÇØ David Wong, PAG partner and co-head of private equity, said in the statement. Other investors include CITIC Capital, funds managed by Ares Management, the Abu Dhabi Investment Authority and Mubadala Investment Company.

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Governance Independence and Operational Improvement

The investment will facilitate corporate governance independent from NewlandÔÇÖs former parent, provide better incentives for its management, and support continued operational improvement, according to the statement. The company manages 496 large-scale shopping malls in 230 cities across China, with about 70 million square meters of floor space under management, it said.

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Landmark Agreement to Avoid Repaying Pre-IPO Investors

Billionaire founder Wang Jianlin gave up control in Zhuhai Wanda in December as part of a landmark agreement to avoid repaying pre-IPO investors. Under the terms of the original investments, Wanda agreed to repay investors 30 billion yuan ($4.2 billion) plus interest if Zhuhai Wanda could not get its initial public offering done by the end of 2023.

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Future Prospects and Market Impact

Wanda was once seen as one of the few high-quality Chinese issuers in the junk-bond market thanks to its focus on commercial real estate as well as its asset-light property management business. The conglomerate came under pressure after borrowing costs surged and Beijing cracked down on the property sector.

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