Sunac to pay $9.3b for Wanda hotels, theme parks
Dalian Wanda Group Co. will sell hotels and cultural and tourism projects to Chinese developer Sunac China Holdings for $9.3 billion.
The sale is the second-biggest real estate deal ever in China, according to Reuters.
Dalian Wanda Group Co. will sell 76 Wanda hotels for $4.9 billion, and Sunac will assume a 91 percent stake in 13 of Wanda’s tourism projects in China for $4.4 billion. The tourism projects are located across China, including in the cities of Qingdao, Guangzhou, Harbin, Chengdu, Kunming and Guilin.
Wanda will continue to operate and manage the projects. Sunac will become responsible for the loans on the projects.
The sale of the group’s leisure properties is part of Wanda’s plan to sell its real estate assets to investors with whom the company would share its rental income.