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Wanda Group to sell China tourism projects, hotels to Sunac for $9.3 bn

Shares in Wanda Hotel Development surged more than 150 percent after the news

Reuters  |  Hong Kong 

Chinese property giant Dalian Wanda Group plans to sell tourism projects and hotels in the country to Sunac China for $9.3 billion, as it dials back its theme-park ambitions and brings down its debt pile. The sale — the second-biggest real estate deal ever in China according to Reuters data — will help strengthen Wanda’s case for a mainland listing after its property unit delisted from Hong Kong last year. For Sunac, it would mean ownership of a wide portfolio of tourism developments at a time when it is spending billions on property and technology ...

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First Published: Tue, July 11 2017. 00:37 IST