Photo by Dennis Deng
Wanda Group, one of China’s most aggressive overseas asset buyers of recent years, has announced the disposal of the majority of magnate Wang Jianlin’s hotel and tourism portfolio to a rival, in the country’s biggest single property transaction, as it raises funds to repay loans.
Wanda will sell 76 hotels under its eponymous brand, along with 91 per cent equity in 13 theme parks and projects classified as culture and tourism to Sun Hongbin’s Sunac China for ¥63 billion (US$9.3 billion), according to an announcement on the seller’s website. The sale includes the US$6 billion Harbin Wanda City, the resort featuring the world’s biggest indoor ski slope that opened two weeks ago.
Read the full story on the South China Morning Post here.