(Yicai) Aug. 13 -- A USD8.3 billion capital injection deal that Dalian Wanda Group signed with an investor group led by private equity firm PAG in March is moving forward but at a slower pace than anticipated, an informed source said after a further asset sale by the embattled Chinese developer sparked concerns over the agreement’s fate.

“The strategic investment is progressing normally, just slightly later than expected,” the person familiar with the matter told Yicai.

The investor group, which also comprises Citic Capital, Ares Management, and sovereign wealth funds Abu Dhabi Investment Authority and Mubadala Investment, announced the CNY60 billion (USD8.3 billion) investment on March 30 in return for a 60 percent stake in Wanda’s wholly owned mall unit, Newland Commercial Management, the holding company of Zhuhai Wanda Commercial Management Group.

Payment was expected to have been completed in the second quarter of the year, according to information disclosed by Beijing-based Wanda at the time.

Wanda’s recent sale of another asset, Jiangsu Xinghua Wanda Plaza, triggered concerns in the industry about the delayed capital injection.

Ownership of Jiangsu Xinghua Wanda Plaza yesterday passed from Wanda’s property investment and management unit Dalian Wanda Commercial Management Group to Xinghua Yinglaida Real Estate, according to publicly available information. Its legal representative changed to Zhou Chuanjun from Wang Zhibin.

This is not the first time that Wanda has sold assets this year. Dalian Wanda Commercial Management sold its entire stake in Dongguan Houjie Wanda Plaza Investment to Suzhou Lianshangluhao Commercial Management on July 11, while New China Life Insurance and China Capital Investment Group took over Beijing Wanda Plaza in April.

Recent media reports also said Dalian Wanda Commercial Management has secured CNY10 billion in loans from several banks. The company has yet to comment on the matter.

In addition to the ongoing asset divestments, Wanda has also drawn attention as a result of Beijing Wanda Cultural and Tourism Industry having CNY100 million (USD13.9 million) of equity frozen from July 30 to July 29, 2027, according to corporate information platform Tianyancha.

Editor: Futura Costaglione