The three companies said they will integrate online and offline selling with e-commerce services in Wanda's 107 shopping malls, as well as its hotels and resorts. They said they would invest 5bn yuan ($814m) to start.

The venture adds to competition for Alibaba, whose Taobao, Tmall and other platforms account for some 80 percent of Chinese online commerce. The company is preparing for a U.S. initial public offering that analysts say might value it between $150bn and $200bn.

The new venture will develop services, including online finance, the owners said. That could pose a challenge to Alibaba's popular banking service, Yu'ebao.

Read Full Article