Oceanwide taking $384m stake in Wanda media firms

Investment company says acquisitions will help the group lift its total value

Oceanwide Holdings Co Ltd, the real estate developer-turned financier and Internet player, plans to invest 2.5 billion yuan ($384 million) in two media and movie companies owned by Chinese property conglomerate Dalian Wanda Group Corp Ltd.

The firm's wholly owned Oceanwide Equity Investment Management Ltd is planning to acquire 6.61 percent stake of Wanda Pictures and 7.59 percent of Qingdao Wanda Pictures.