(Yicai Global) Dec. 20 -- Dalian Wanda Commercial Properties Co. [HK:03699], a unit of Dalian Wanda Group, China's biggest commercial property company, is to partner with Guangzhou R&F Properties Co. [HK:02777], one of the largest real estate companies in Guangzhou, to develop 25 commercial complexes within five years.
Wanda Commercial and R&F Properties signed a strategic cooperation agreement in Beijing today and said both sides will develop five commercial complexes every year, invest CNY30 billion (USD4.3 billion) in five years, and develop 25 commercial real estate complex projects from 2017 to 2021.
Wanda is mainly responsible for the planning and design, investment attraction and operations side of the investments, and will use the Wanda Plaza brand. R&F Properties will be responsible for the major investment and construction of these projects.
In 2017, the first batch of five projects jointly developed by both parties will begin in first- and second-tier cities.
The deal marks Wanda Commercial's entering into a new stage of asset-light management and accelerates the transition of the company from a property developer to a service provider.