China Approves $6.9 Billion PAG-Led Move to Acquire Wanda Malls

China’s antitrust regulator has approved a PAG-led acquisition of 48 shopping malls under Dalian Wanda Commercial Management Group Co.

The State Administration for Market Regulation, in a notice this week, also listed Tencent Holdings Ltd., Sunshine Life Insurance Corp. and a vehicle backed by JD.com Inc.as investors in the Wanda malls. It didn’t provide further details.

According to people familiar with the matter, the deal will be done via a 50 billion yuan ($6.9 billion) fund. PAG is planning to invest about 5 billion yuan in the subordinated tranche of the fund, while 30 billion yuan ...