Majority stake beefs up its efforts in booming online to offline segment

Chinese conglomerate Dalian Wanda Group Co, whose real estate arm raised about $3.7 billion in a Hong Kong share sale on Tuesday, said it is buying a controlling stake in a domestic third-party payment platform, stepping up its efforts in the country's booming online to offline market.

Wanda, China's biggest commercial real estate developer, inked the deal on Friday with 99Bill Corp, an e-payment service provider similar to PayPal, with a reported investment of 2 billion yuan ($322 million). Neither Wanda nor 99Bill agreed to confirm the investment amount.