Wanda teams up with Tencent, Gaopeng for internet joint venture

Real estate conglomerate Dalian Wanda Group announced on Wednesday that it plans to team up with internet giant Tencent Holdings Ltd and investment platform Gaopeng to form a new internet joint venture to power smart retailing and digitalized consumer experiences.

The new joint venture will incorporate the three companies' strengths and integrate both online and offline businesses by transforming Wanda's offline presence into smart shopping malls and driving online traffic through Tencent's social platforms including WeChat.

"The cooperation will bring in enormous online traffic through WeChat and other platforms, enabling Wanda Plazas to undergo smart upgrades, build a robust membership system and increase overall value," Wanda said in an announcement.