Sunac to buy Wanda projects for $9.3b

(By chinadaily.com.cn)

Updated: 2017-07-19 07:42:39

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Sunac China Holdings has signed a deal to buy hotels and projects from Dalian Wanda Group for 63.2 billion yuan ($9.3 billion), marking one of the country's biggest property transactions.

Sunac will buy 76 hotels from the real estate and entertainment conglomerate, and will acquire a 91 percent stake of its 13 cultural and tourism projects, according to a joint statement posted on Wanda's website.

The properties will continue to operate under the Wanda brand, with the company managing the design and quality control of the construction projects, it said.

Sunac shares halted trading in Hong Kong on Monday, pending an announcement of a "very substantial acquisition", according to a regulatory filing. The developer closed 6.9 percent lower on Friday.