Internet giants invest in Wanda Commercial

Commercial property giant Wanda Commercial Properties Co has signed strategic investment agreements with several internet giants to upgrade its retail business, a deal expected to pave the way for its planned initial public offering in August this year.

In a statement released on Tuesday, Dalian Wanda Group - Wanda Commercial's parent company - denied the move signals its exit from China's property market.

"It is a misread that Wanda Group will exit the real estate market in China. Wanda Group will continue to develop Wanda Plaza projects," the company statement said.