(Yicai) Dec. 7 -- Dalian Wanda Group, a debt-laden Chinese real estate giant, is reportedly in discussions with an insurance company with a view to raising cash by unloading its Wanda Plaza shopping malls in first and second-tier cities.

Zhuhai Wanda Commercial Management Group, a commercial property management unit of the Beijing-based developer, told investors about the existence of the talks, The Paper reported today, though it did not name the insurer.

Earlier this year, Beijing-based Dajia Insurance Group acquired some of Wanda’s assets in Shanghai, as well as in Xining, Qinghai province and Jiangmen, Guangdong province.

In earlier talks with potential buyers, Wanda reportedly proposed having the option to buy back the divested assets, a condition that was rejected outright by some.

Wanda Commercial Management was spun off in March 2021 to focus on investing in and running commercial properties. It had 472 plazas with a gross floor area of 65.6 million square meters under management at the end of last year.

Editor: Emmi Laine