Sunac to buy Wanda projects for $9.3b
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.
The signing of the Hong Kong-ASEAN free trade agreement (FTA) will bring ample opportunity for the...
Members of the Association of Southeast Asian Nations (ASEAN) are the prior and primary partners o...
- Sandan Development plans Omani industrial park 366
- Major facelift as construction of roads in Lagos metropolis in Nigeria begins 202
- Government Issues Shiraz Metro Tender 194
- Philippine’s DOTC begins bidding for $3.77bn North-South railway project 174
- Xinjiang Medical University builds new campus in Karamay 145
- CCCC to build industrial park in Jalisco State 142
- Newly constructed Dangote Petrochemicals refinery in Nigeria to start operation 110
- Kenya to Construct $170 Million Power Lines Connecting Turkana Wind Farm to National Grid 108
- Norwegian firm Scatec begins plans to construct solar plants in Egypt 105