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Wanda said to control payment firm 99Bill
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CHINESE property developer Dalian Wanda Group is reported to control domestic third-party payment firm 99Bill after paying 2 billion yuan (US$322 million) as it seeks income in the Internet finance sector.
Wanda has been planning to set up a finance company to take charge of all equity investment in the future, China Business News said yesterday.
Officials from 99Bill declined yesterday to comment on “market rumors.”
Wang Jianlin, chairman of Wanda, said financial business will be pivotal to driving growth in Wanda’s future expansion.
At the opening of a Wanda movie park in Wuhan, Hubei Province, earlier this month, Wang said the company will unveil in January a plan to transform itself as Wanda turns to culture, tourism, finance and e-commerce to drive further growth.
Wanda may choose a third-party payment service to serve as a platform.
Domestic third-party payment service providers allow users to pay for their bills while shopping at supermarket chains or department stores.
Earlier this year, Wanda also launched an e-commerce joint venture with China’s largest online search engine Baidu and biggest Internet company Tencent.
Wanda holds 70 percent of the venture while Baidu and Tencent each owns 15 percent. The three partners will pour 1 billion yuan into the venture within the first year after its launch.
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