Tencent bets China’s shopping malls can be fashionable again as it leads $5.4 billion Wanda deal

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China’s top think tank predicted in 2016 that one in three of the country’s estimated 4,000 shopping malls would close within five years as consumer spending shifted online and millennials prefer swiping through websites than ruffling through clothes racks.
Tencent Holdings, together with, Suning Commerce and Sunac China, is out to prove the forecast wrong, with a 34 billion yuan ($5.4 billion) investment in mall operator Wanda Commercial, in what’s been billed as one…

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