China developer Wanda loses crown jewel mall unit in survival fight

DALIAN, China/DUBAI -- Chinese developer Dalian Wanda Group has ceded control of its core mall unit to outside investors as part of a multibillion-dollar deal, which is expected to help the cash-strapped group shore up its strained finances but weaken the influence of founding chairman Wang Jianlin.

Wanda signed a deal last month to hand over 60% of its mall unit to a group of outside investors in exchange for 60 billion yuan ($8.3 billion) at a ceremony in Dalian.