Chinese e-commerce rivals challenge Alibaba
BEIJING (AP) — China's biggest property developer has launched an e-commerce venture with Internet giants Baidu and Tencent, adding to competition for industry leader Alibaba Group.
The companies said Friday they will invest 5 billion yuan ($814 million) in the venture to start. Wanda Group will own 70 percent of the company and Baidu Inc. and Tencent Holdings Ltd. 15 percent each.
The companies said they will integrate online and offline selling, with e-commerce services planned at Wanda's shopping malls, hotels and other properties.
The venture adds to competition for Alibaba Group, whose Taobao, Tmall and other platforms account for some 80 percent of China's online commerce.
Tencent also owns a stake in JD.com, China's second-largest e-commerce company.