Dalian Wanda to sell tourism and hotel projects to Sunac China
Photo shows a Wanda plaza. [Photo: stock.hexun.com]
Dalian Wanda has announced plans to sell dozens of hotels and other projects to property developer Sunac China for 9.3 billion US dollars.
The deal will see Sunac acquire more than 70 hotels and take a majority stake in more than 10 other cultural and tourism projects in China.
This is likely to become China's largest-ever property deal.
Wanda Chairman Wang Jianlin has said the move is partly aimed at cutting down the debt at the conglomerate's property unit.
Wanda was founded as a property developer.
But Wang Jianlin has been pushing to increase the focus on sectors such as entertainment and sports at the expense of the property business.
The new announcement marks the latest move by fast-growing Sunac.
The developer has purchased dozens of property projects across China since last year.
In January, Sunac came to the rescue of cash-tight Chinese tech firm LeEco with a 2.2-billion-US-dollar investment.
Wanda's hotel unit, which is listed in Hong Kong, closed 47 percent higher on Monday following news about the deal.