Chinese developer Sunac to buy $9.3 bn of Wanda assets

Dalian Wanda to Sell $9.3 Billion in Hotels and Tourism Stakes

Wanda did not officially state a reason for the sale, but in an interview with Chinese business outlet Caixin, Wang said the deal would substantially reduce Wanda's debt and move the company closer to the "asset-light" model he has been publicly espousing and pursuing for some time.

It is thought that the deal will go towards reducing Wanda's commercial debt pile. "Wanda Commercial plans to pay back the majority of bank loans within this year", he was quoted saying. Another downgrade would push the rating into "junk" category. Two that opened in Nanchang and Hefei previous year do not rank in the top 20 by attendance for Asia Pacific, consultancy AECOM's 2016 theme park index shows.

Last month, Wanda acknowledged that China's banking regulator had ordered an inspection of potentially risky loans to it and other major Chinese companies that have invested heavily overseas. It has also been very active globally, buying USA cinema chain operator AMC Entertainment Holdings Inc and taking a controlling stake in US film studio Legendary Entertainment a year ago.

The 91 per cent stake in Wanda mega cultural and tourism projects, located across the country from the northern city of Harbin to Kunming in the south, will fetch 29.58 billion yuan.

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Wanda had earmarked a more than 300 billion yuan investment for its cultural and tourism projects. Developers spent a record 96.7 billion yuan in the second quarter on acquiring competitors or their assets, according to data compiled by Bloomberg.

In a brief joint statement, the two companies said Sunac would buy 76 hotels outright, without specifying which properties.

Sunac, whose shares in Hong Kong were suspended from trading ahead of what it said would be a "very substantial acquisition" announcement, declined to comment further.

Wanda, owned by one of China's richest men, Wang Jianlin, will continue to operate all the projects under the company's brand name.

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