Dalian Wanda Group selling chunk of its assets for $9.3B

12 July, 2017, 00:41 | Author: Gladys Mathis
  • Dalian Wanda to Sell $9.3 Billion in Hotels and Tourism Stakes

The Chinese conglomerate Dalian Wanda Group, which has made headlines for its global acquisition spree, has said it will sell 76 hotels and a major chunk of 13 tourism projects to the property developer Sunac China for $9.3 billion.

The sale is the second-biggest real estate deal in China.

The company posted revenue growth of 17.9 per cent in the first half of this year to 134.8 billion yuan (S$27.5 billion).

"This (deal) signifies a retreat from Wanda's previous strategy in cultural tourism, and marks a pivot to an asset-light strategy", said Qin Gang, senior researcher at State Information Center, a government-linked think tank.

But Wanda Hotel Development, a Wanda Group firm, lost ground on the Hong Kong stock market on Tuesday as many investors dumped its shares for profit taking.

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Wanda said other domestic companies that invested aggressively overseas also were being scrutinised, including Rossoneri Sport Investment Lux, a consortium that recently purchased Italian football club AC Milan, Club Med's owner Fosun Group, and HNA Group.

A $9 billion deal by billionaire Sun Hongbin's Sunac China Holdings Ltd. adds to the trend of Chinese property developers swallowing up rivals and their land at a record pace. Dalian Wanda's businesses include cinema chains too.

Wanda is to use all proceeds from the deal to pay back loans, according to the report, which also cited an interview with Wang. Over-leverage in China's economy has become a growing concern. Four years later, it snapped up Hollywood studio Legendary Entertainment for $3.5 billion. But cracks appeared in Wanda's ambitions when the company temporarily closed its indoor theme park in Wuhan after less than two years of operation.

Hong Kong-listed Sunac suspended its shares ahead of Monday's announcement, but Wanda Hotel Development closed almost 47 percent higher at HK$0.85, having skyrocketed to as high as HK$1.48 earlier in the day.

Wanda Hotel Development announced on Monday that it had nothing in particular to make public despite sharply rising share sales and purchases.

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