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

CHINA-WANDA-ECONOMY

CHINA-WANDA-ECONOMY

Wanda, which diversified from commercial property into entertainment, theme parks and sports, was at the forefront of the overseas push, spending billions to acquire companies like US-based cinema chain AMC Theatres and Hollywood studio Legendary Entertainment.

The surprise sale gives Wanda possible revenue to pay down debt that has soared during an aggressive expansion into entertainment, tourism and other consumer businesses.

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

Wanda opened its first Wanda Cultural Tourism City project in Nanchang previous year and has others in development in several cities, including Guangzhou, Chengdu and Haikou.

S&P downgraded Wanda Commercial in December past year, citing rising financial leverage and slower-than-expected asset disposal at China's largest commercial developer.

Sunac China's board, led by its Founder and Chairman Sun Hongbin, stressed in a company statement on Tuesday morning that Dalian Wanda Commercial Properties is a "reputable" developer with "excellent brand influence".

Iraqi forces liberate old Mosul
The jihadists wanted to go back, but security forces "fired on them and killed them", he said, without specifying how many died. Dozens of IS insurgents were killed on Saturday and others tried to escape by swimming across Tigris, state TV said.

An asset manager with a state-owned bad asset management company, who declined to be identified, said Wanda may have reached an agreement with Sunac to take over the troubled Leshi, which Sunac bought for US$2.2 billion in January.

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%.

(DIS) in China, the Wall Street Journal reported. "Wanda Commercial plans to pay back the majority of bank loans within this year", he was quoted saying. But the rule was reversed recently as concerns grew over capital flight.

Sunac shares halted trading in Hong Kong on Monday, pending an announcement of a "very substantial acquisition", according to a regulatory filing. "Sunac could be seeking more exposure outside of just purely property development, as growth of Chinese new home sales will likely slow in the long-run".

Notably, the merger will not include USA movie studio Legendary Entertainment, which Wanda acquired for $3.5 billion in early 2016.

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