Patrick Frater Asia Bureau Chief Wanda Investment, a subsidiary of the privately-owned Chinese property giant Dalian Wanda, has sold an 8.3% stake in Wanda Film Holding for RMB2.2 billion ($306 million).
Wanda Film, which is listed on the Shenzhen stock exchange, operates China’s largest circuit of multiplexes and retains a stake in Hollywood producer Legendary Entertainment (“Dune”).
The buyer is Lu Lili, the wife of Shen Jun, the controller of East Money Information, a financial data platform, Wanda Film said in a regulatory filing this week.
The share sale appears to be a move to raise finance for Dalian Wanda and Wang Jianlin, the politically-connected former army officer who built one of China’s largest property empires and from 2012 mounted a seven-year campaign to own a large chunk of Hollywood.
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