China's biggest commercial property group, Dalian Wanda, has formed a strategic partnership with China Vanke Corporation.

The two leading real estate developers will set up a co-funded company and join hands in acquisition of land and joint project development.

Cooperation will not involve a reshuffle of the two companies.

More details are expected to be revealed soon.

China Vanke will retain its commercial property business after the tie-up with Wanda Group.

The company will focus on community commercial property development.

Under the agreement, the partnership will be steered by a joint team consisting of senior executives from both companies.