Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is seeking to sell its sports marketing unit Infront as financial pressure mounts on the property developer to shore up its finances, four people familiar with the matter told Reuters.
China's largest commercial property group has tapped Deutsche Bank for advice on the sale of Infront Sports & Media, the sources said, adding the process is in the early stages and could take months to complete.
In June, Infront was awarded broadcast rights in 22 countries in Central and South East Asia for the Olympic Games from 2026 through 2032. China's property developers have been battered over the last few years as falling sales and a wave of debt defaults have savaged a sector that previously contributed around a quarter of the country's gross domestic product.
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