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China: Wanda sells 77 hotels to R&F Properties instead of Sunac

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.

The Chinese conglomerate Wanda Group, which has interests notably in real estate, cinema, leisure parks, finance and the Internet, has announced last week the sale of $9.3 billion (ca. €8.2 billion) worth of its tourism assets to its counterpart, the Chinese developer Sunac China Holdings Ltd. The assets at stake include 13 Wanda Cultural Tourism Cities - tourism facilities and theme parks - in which Sunac will take a major stake (91%), as well as 76 hotels. The transfer of the latter is estimated at more than $5 billion.

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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