China's Dalian Wanda Group, whose chairman Wang Jianlin previously declared ambitions to outsmart U.S. entertainment giant the Walt Disney Co., has given up the fight by selling the company's tourism projects and hotel assets.
Wanda said that it would sell 76 hotels and 13 cultural and tourism projects to Tianjin-based Sunac China for RMB6.32 billion (US$9.3 billion). The deal consists of two parts: selling 76 hotels for RMB3.36 billion and 91% of Wanda's stake in 13 cultural and tourism projects for RMB2.96 billion.
"Through this asset transfer, Wanda Commercial's debt ratio will be greatly reduced, all the proceeds will be used to repay loans. Wanda Commercial plans to repay most of the bank loans this year," Wang Jianlin told Chinese media.
The buyer of the assets, Chinese property developer and conglomerate Sunac China, previous...
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