HONG KONG, March 30 (Reuters) - A group of investors led

by private equity firm PAG on Saturday announced an investment

of $8.3 billion for a 60% stake in Chinese property giant Dalian

Wanda's mall unit.

Dalian Wanda will retain 40% in Newland Commercial

Management, the holding company of Zhuhai Wanda Commercial

Management Group Co, the statement said.

CITIC Capital, the Abu Dhabi Investment Authority, Mubadala

Investment Company and Ares Management Corporation ( ARES ) were also

joint investors in the deal.

"We like the competitive edge and first mover advantage that

Newland has built and we think these advantages will allow it to

generate stable and growing cash flow to investors," said David

Wong, partner and co-head of private equity at PAG.

Newland manages 496 large shopping malls across China, the

statement said.

In December last year, PAG and Dalian Wanda Commercial

Management Group jointly announced the signing of an investment

framework to restructure Zhuhai Wanda Commercial Management. The

agreement signed on Saturday, implements this agreement, the

statement said.