Dec 15, 2023 06:42 AM
BUSINESS
Supermarket Chain Yonghui Exits Wanda Investment for $630 Million
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Yonghui is suffering a business decline amid the economic slowdown and weak consumer sentiment
China’s leading supermarket chain operator Yonghui Superstores Co. Ltd. said it will sell its 1.43% stake in the property management unit of Dalian Wanda Group, pulling out of its investment in the debt-laden property conglomerate.
Yonghui will sell the shares of Dalian Wanda Commercial Management Group Co. Ltd. for 4.5 billion yuan ($630 million) to a unit of real estate developer Dalian Yifang Group Co. Ltd., the Shanghai-listed supermarket operator said in a Wednesday filing.
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