Wanda moves into e-commerce

Firm joins with Tencent, Baidu in venture said to be worth as much as 5 billion yuan

China's leading property developer Dalian Wanda Group Co Ltd is about to set up an e-commerce joint venture with Internet companies Tencent Holdings Ltd and Baidu Inc.

The investment will be as much as 5 billion yuan ($813 million), according to a source close to the matter, and Wanda will hold 70 percent of the venture while Tencent and Baidu will share the remaining 30 percent equally. The investment will be announced on Friday, the source added.