Wanda to Cede Control of Its Mall Unit in $8.3 Billion Deal (2)

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 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%.

The deal “reflects the expectation and recognition of Newland’s long-term growth potential by international institutional investors,” David Wong, PAG partner and co-head of private ...