Dalian Wanda to sell tourism and hotel projects to Sunac China

China Plus Published: 2017-07-11 09:06:44
Share this with Close
Messenger Messenger Pinterest LinkedIn

Photo shows a Wanda plaza. [Photo: stock.hexun.com]

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.

Share this story on

Most Popular

Related stories


Local residents visit Ngong Shuen Chau Barracks of PLA Hong Kong Garrison
Premier Li Keqiang encourages to build agriculture talent highland
Eating at "blossom restaurant" in Yunnan
Salute to you, firefighters!
30-meter-long sandwich made in Shanxi
China Children's Theatre Festival opens in summer holiday


Chinese police expose collusion between fugitive Guo Wengui, airline staff
Chinese premier takes an inspection tour to Shaanxi province
Qatar threatens to withdraw from GCC if conditions not met
Iraqi PM formally declares liberation of Mosul from IS militants
Russian FM says to continue cooperation with U.S. in Syria
Chinese Premier calls for better medical education to build "healthy China"