Business

Wanda sets up venture to sell Red Flag limousines in China even as it distances itself from the costly business of making cars




Chinese conglomerate Dalian Wanda Group is expanding its foray into the automobiles sector with the formation of a joint venture that will offer car services such as sales and parking.Wanda Automobile Technology Services was founded on Monday with a registered capital of 100 million yuan (US$15.65 million), according to sources close to the group. Tai Qing (Beijing) Technology, its joint venture partner, is a mainland Chinese firm that offers these services.The new company’s formation comes…



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