Dalian Wanda, the Chinese entertainment-to-properties conglomerate, will sell a $1.2bn stake in its listed films unit to investors led by ecommerce group Alibaba, the latest in a string of divestments by the company over the past six months.
Wanda will sell a stake of about Rmb4.7bn ($747m) to Alibaba
and Rmb3.1bn to Shanghai-listed Cultural Investment Holdings, or about 13 per cent of the films unit, according to a regulatory filing.
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