Wanda Group to Sell Amusement Park Business for over $9 Billion

Dalian Wanda to Sell $9.3 Billion in Hotels and Tourism Stakes

Property Developer Sunac China Holdings plans to spend $9.3 billion on 76 hotels and a majority stake in 13 other projects from Chinese conglomerate Wanda, the two companies announced on Monday.

Yet none of the establishments being hived off were included under that entity, so that by the end of trade Wanda Hotel's stock had pared its gains to 46.55%.

Under the deal, Wanda will offload 91 percent of thirteen cultural tourism projects, which usually include theme parks and leisure complexes, and 76 hotels to the acquisitive Tianjin-based developer Sunac for 63.18 billion yuan.

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The agreement - which is said to be the second-biggest real estate deal ever in China - signals a major deescalation of Wanda's once mighty ambitions in the theme park sector.

It is thought that the deal will go towards reducing Wanda's commercial debt pile.

Wanda, headed by one of China's richest men, Wang Jianlin, had been one of the most acquisitive companies overseas, spending billions on a range of USA entertainment properties.

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For Sunac, the transaction would provide it with a wide portfolio of tourism developments at a time when it was spending billions in a bid to diversify away from residential real estate. Sunac, which is listed in Hong Kong, had suspended its shares ahead of the announcement.

Wanda is to use all proceeds from the deal to pay back loans, according to the report, which also cited an interview with Wang. Two that opened in Nanchang and Hefei past year do not rank in the top 20 by attendance for Asia Pacific, consultancy AECOM's 2016 theme park index shows. Shares in Wanda Hotel Development surged more than 150 percent after the news. "It's unclear if the sale of their tourism projects is good for them, especially since those tourism culture projects are Wanda's flagship ones". Four years later, it snapped up Hollywood studio Legendary Entertainment for $3.5 billion.

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