Market sources said that PAG will set up a 50 billion yuan fund led by PAG and supported by companies including Tencent Holdings, Sunshine Life Insurance, and JD Capital to acquire 48 Wanda Plazas under Wanda Commercial. According to people familiar with the matter, the acquisition will be completed through a special fund platform. The investment will be led by PAG, which plans to inject approximately RMB 5 billion to subscribe to the fund's secondary shares, assuming the main risks and obtaining excess returns; a bank consortium consisting of some large state-owned banks will provide RMB 30 billion in loan credit, and the remaining RMB 15 billion will be raised through mezzanine financing channels, with the aim of attracting participation from multiple entities such as insurance funds and industrial funds. People familiar with the matter said that the 50 billion yuan of funds recovered from this transaction will significantly ease Dalian Wanda Group's liquidity pressure. It is understood that after the transaction is completed, Wanda Commercial Management will continue to be responsible for the daily operations of these plazas, but the ownership of Wanda Plaza will be completely transferred, and the transaction is expected to be officially completed in the second half of 2025.