A sign of Dalian Wanda Group in China glows in Beijing, China March 21, 2016. Photo: Reuters/Damir Sagolj

Wanda Commercial Properties Co. Ltd., a part of billionaire Wang Jianlin’s Dalian Wanda Group, has postponed its schedule to go public, while it has introduced a group of Internet and e-commerce giants led by Tencent as new investors, The Paper reported.

In the agreement signed between the two parties, investors require Wanda Commercial Properties to complete the process of Initial Public Offering (IPO) by the end of October 31, 2023. Previously, its IPO is scheduled to complete before August 31, 2018.

According to the agreement, the target company could not change its main business, which is commercial real estate. And its net profit of rental income by 2019 must reach 19 billion yuan (US$3 billion). If less than this value, investors have the right to ask Wanda for cash compensation.

It is reported that Tencent will invest 10 billion yuan to secure a 4.12% stake in the company. Other investors include Suning Commerce Group, a retailer backed by Alibaba, major property developer Sunac China, as well as one of the e-commerce giant JD.com.

According to the company’s annual report last year,  its rental income increased 30.3% from a year earlier, to 25.5 billion yuan.