Dalian Wanda, China’s largest commercial property group, said Dalian Wanda Commercial Property plans to pivot away from its core property development activities, as part of a $5.4bn deal with some of the country’s biggest tech groups.

A consortium led by Tencent and ecommerce company JD.com together with property developer Sunac and retail company Suning has taken a 14 per cent equity stake in Wanda’s main subsidiary, Dalian Wanda Commercial Property for Rmb34bn ($5.37bn). Wanda hailed the transaction as a strategic shift which would see the property unit shift from a development role to a management company.

To emphasise the change Wanda announced it would change the name of the subsidiary that owns the majority of its land reserves and real estate to Dalian Wanda Commercial Management.