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Wanda to buy into payment firm 99Bill
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China's top property developer Dalian Wanda Group Co is reportedly taking over a controlling stake of third-party payment firm 99Bill to drive income in the Internet and finance sector. Officials from 99Bill today declined to comment.
Wanda has been planning to set up a finance group to be in charge of all equity investment in the future.
Wang Jianlin, chairman of Dalian Wanda Group, said that financial businesses will become a crucial growth engine for Wanda's future expansion.
Wang said earlier this month after the opening of a Wanda movie park in Wuhan, Hubei Province that it will unveil a transformation plan in January and turn to businesses in culture, tourism, finance and e-commerce for further growth.
Domestic third party payment service providers have been driving growth by allowing users to pay for their bills while shopping at supermarket chains or department stores.
Earlier this year, Wanda also launched a joint venture e-commerce company with China's largest online search company Baidu and largest social network company Tencent to boost retail sales.
Wanda holds a 70 percent stake in the joint venture while Baidu and Tencent each takes 15 percent and the three companies will pour 1 billion yuan into the company in the first year after its launch.
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