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Wanda buys controlling stake in 99 Bill

2014-12-29 09:49:00| Telecompaper Headlines

(Telecompaper) Chinese entertainment conglomerate Wanda Group has bought a controlling stake in third-party payment provider 99 Bill, Reuters reported, saying sources valued that deal at more than CNY 2 billion. The Beijing-based conglomerate is diversifying into e-commerce as it seeks to maintain profitability during China's property downturn.

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