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Dalian Wanda to Sell Hotels, Cultural and Tourism Projects for $9.3 Billion -- Update

10 Jul 2017 4:03 am
By Chester Yung 

HONG KONG--Dalian Wanda Group Co. will sell hotels and cultural and tourism projects to Chinese developer Sunac China Holdings Ltd. for $9.3 billion, the two companies said Monday.

Sunac China, which is based in Tianjin, will acquire 76 hotels from Wanda for 33.6 billion yuan and it will also buy a 91% stake in 13 cultural and tourism projects.

Trading of Sunac China was halted in Hong Kong on Monday pending an announcement related to a "very substantial acquisition."

Dalian Wanda is known in China primarily as a developer of commercial property. But in recent years, it has become an aggressive buyer of overseas entertainment assets.

The company, controlled by billionaire Wang Jianlin, said last year that it would buy Dick Clark Productions Inc.-- a company that produces awards shows like the Golden Globes and the American Music Awards--for about $1 billion.

That deal, however, has stalled due to China's clampdown on capital laving the country, people familiar with the matter told The Wall Street Journal in February.

Wanda's portfolio also includes the AMC theater chain and Legendary Entertainment, a film-production company.

Write to Chester Yung at chester.yung@wsj.com
 

(END) Dow Jones Newswires

July 10, 2017 00:03 ET (04:03 GMT)

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