In a statement last wednesday, Wanda Group has announced the sale of 77 hotels for 19,9 billion of yuans to the chinese group R&F Properties instead of Sunac.
Instead, Sunac will only take the stake in the 13 Wanda Cultural Tourism Cities for 43,8 billion of yuans against the 29,58 billion of yuans announced earlier. The chairman of Wanda, the billioner Wand Jianlin has declared that Sunac already paid 15 billion of yuans to Wanda Commercial Propertiers, the real estate branch of the conglomerate.
According to the new agreement, R&F Properties acquires all equities of the 77 hotels for 19,9 billion of yuans.
In addition, This change may be due to the fact that the Chinese conglomerate has recently been investigated by the China Banking Regulatory Commission.
The Chairman declared that the profits from the sale will help cover Wanda's debts.
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