A consortium led by Tencent Holdings Ltd will invest 34 billion yuan ($5.37 billion) in the commercial property arm of Dalian Wanda Group, among the latest and biggest tie-up between internet firms and brick-and-mortar commerce in China to revamp old-school retailing.

Suning Holdings Group, JD.com Inc and Sunac China Holdings Group will join forces with Tencent to acquire 14 percent of Dalian Wanda Commercial Properties Co, which was delisted from the Hong Kong stock exchange in 2016, Wanda said in a statement released late Monday.

Following the introduction of new shareholders, the subsidiary will be renamed Wanda Commercial Management Group. And as the name suggests, it aims to sell off its existing properties for-sale in the next year or two and transform itself into a pure player in commercial management.

The company said it would utilize the huge online traffic generated from Tencent, Suning and JD and its own vast offline commercial assets to build a "new consumption" model in China, which aims to better integrate online and offline services and provide Chinese customers with a more intelligent and convenient shopping experience.

All parties would strive to take the company public as soon as possible, the statement added.

By the end of 2017, Wanda Commercial operated 235 Wanda Plazas in China, which received 3.19 billion visitors last year. Its parent Wanda Group also owns cultural tourism parks, hotels, cinemas, children's entertainment and other offline commercial businesses catering to various consumer needs.

Tencent, which runs social media messenger WeChat, is on a constant buying spree into retail assets. Its latest endeavor includes plans to invest in Carrefour SA's China unit, following Alibaba Group Holding Ltd's footsteps to uproot traditional grocery and department stores with technology.