Chinese developer Sunac China Holdings buys 76 hotel and 13 tourism projects from Dalian Wanda Group, with a total transaction value amounting to 63,2 billion yuan ($9,3 billion), as it follows from a joint statement published on Wanda’s website.
According to the document, the relevant sale agreement will be signed before July 31, in order to complete the transfer of funds and all activities related to the transfer of ownership as soon as possible.
The amount of the deal for the sale of 76 hotels is 33,6 billion yuan ($4.9 billion). At the same time, Wanda will sell a basic share package (91%) of its 13 tourism projects to Sunac for 29,6 billion yuan ($4.4 billion).
The company also noted that the projects would not be re-branded, while the hotels’ management would retain their positions until the expiration of their contracts.
