About 20 billion yuan ($3.26 billion) will be injected into an e-commerce joint venture (JV) formed by Dalian Wanda Group Co. Ltd., Tencent Holdings Ltd. and Baidu Inc. in the next five years, Wanda's Chairman Wang Jianlin said on August 29.

Wanda is China's leading property developer that runs the largest shopping mall network in China. Cinemas and other recreational facilities are included in the malls. Tencent and Baidu are China's leading Internet companies and also arch-rivals of the country's e-commerce leader Alibaba Group.

Initial investment in the project is 5 billion yuan ($813 million), according to a joint statement released by the three companies. Wanda will control 70 percent of the shares in the new company while Tencent and Baidu will go halves with the remaining 30 percent.

Wanda set up the JV in a bid to bridge the online and offline sales channels, Wang said. "The JV will sell services rather than products," said Wang, adding his intention was to provide a new shopping and entertainment experience to Chinese shoppers.

Wanda expects the number of subscribers of the JV to break 40 million this year, and that by 2015, it will hit 100 million.