December 26, 2014 / 3:20 AM / 4 years ago

China's Dalian Wanda Group buys control of online payment platform 99Bill Corp

BEIJING, Dec 26 (Reuters) - China’s Dalian Wanda Group Co, whose real estate arm just raised about $3.7 billion in a Hong Kong share sale, has taken a controlling stake in Chinese third-party payment service provider 99Bill Corp, the Beijing-based conglomerate said on Friday.

Dalian Wanda did not disclose the amount it paid for its shareholding. Sources told Reuters earlier that the investment was expected to be valued at more than 2 billion yuan ($322.55 million).

China’s biggest commercial real estate developer is diversifying into e-commerce as it seeks to maintain profitability during China’s property downturn. (Reporting By Matthew Miller and BEIJING Newsroom; Editing by Muralikumar Anantharaman)

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