Chinese developer Sunac to buy $9.3 billion of Wanda assets

12 July, 2017, 00:43 | Author: Franklin Nunez
  • Dalian Wanda to Sell $9.3 Billion in Hotels and Tourism Stakes

The Sunac deal is even more surprising given that Wang had pinned hopes for his company's diversification from property development on the Wanda Cities projects.

The sharp rise came after Sunac China announced on Monday that it will acquire hotels and other assets from Chinese conglomerate Dalian Wanda Group for 63.2 billion yuan ($9.3 billion).

"This cooperation will add a large number of prime land reserves and property assets for the company at a reasonable cost", Sunac said in a statement on Tuesday, citing reasons for the deal.

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To view the full article, register now. Wanda Group was among the five big overseas deal makers that were investigated by the banking regulator last month for their overseas borrowings. Dalian Wanda's businesses include cinema chains too.

Some analysts believe that, having delisted from the Hong Kong market a year ago, a smaller debt pile will strengthen the argument for relisting in mainland China.

Wanda was among the more acquisitive players in a flood of Chinese money overseas that raised concerns in Beijing over "irrational" investments. Another downgrade would push the rating into "junk" category.

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"Through this asset transfer, Wanda Commercial's debt ratio will be greatly reduced, and all the proceeds will be used to repay loans. Wanda Commercial will pay off all bank loans by the end of this year". There have been no signs - yet - that Wanda intends to retreat from its significant investments in movie theaters and Hollywood production companies.

Wanda Hotel Development Co (萬達酒店發展有限公司) surged as much as 155 percent in Hong Kong trading before paring some of the gains after a representative said the deal has no direct impact on the Hong Kong-listed company.

Yesterday, the AFP news agency reported that both Sunac and Wanda gave little explanation for the deal, but noted that Wanda was among companies that have been the target of official scrutiny into potentially risky loans stemming from a wave of overseas acquisitions by Chinese firms. It has also been very active globally, buying U.S. cinema chain operator AMC Entertainment Holdings and taking a controlling stake in USA film studio Legendary Entertainment past year.

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