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Dalian Wanda Group sells US$9.3 billion of tourism assets
Having developed and acquired a wide-ranging portfolio of tourism and entertainment assets, China’s Dalian Wanda Group has sold more than 90% of these assets in a deal worth CN¥63.18 billion (US$9.3 billion).
Reuters reports that the asset sale, to property developer Sunac China Holdings has been carried out in order to cut Wanda’s debt pile as it prepares for a mainland listing after delisting from Hong Kong last year.
The deal, the second-largest real estate deal in the history of China, includes 13 of Wanda’s cultural tourism projects, mainly comprising theme parks and entertainment facilities, as well as 76 hotels.
As part of Wanda’s overall tourism plan, the group plans to build a further 20 cultural tourism enterprises across China, with the company stating that even with its new asset-light strategy “projects will continue to be developed according to the plans and their contents approved by the government”.
Wanda's heavy investment in entertainment, tourism and financial ventures has attracted the attention of Chinese regulators, who last month ordered lenders to assess exposures to overseas deals by four companies, including Wanda, HNA Group, Anbang Insurance and Fosun.
Not only has Wanda earmarked an estimated CN¥300 billion (US$44.1 billion) towards investment in its cultural tourism developments, but it has also been active overseas, acquiring a range of entertainment and businesses including Ironman, US cinema operator AMC Entertainment and Australian cinema operator cinema Hoyts.
When the Shanghai Disney Resort opened last year, Wanda Chairman Wang Jianlin responded aggressively, stating that his group would surpass Disney within 20 years and ultimately “make Disney unprofitable”.
Wang suggested that Disney had misread the Chinese market and shouldn’t have stepped on his ‘home turf’, stating “one tiger is no match for a pack of wolves - Shanghai has one Disney, while Wanda, across the nation, will open 15 to 20 (attractions).”
However, analysts have highlighted that Wanda has been languishing under heavy debt due to their acquisitive process, and had to take some action to reduce debt load.
The equity transfer affects the following properties:
• Xishuangbanna Wanda Cultural Tourism City
• Nanchang Wanda Cultural Tourism City
• Hefei Wanda Cultural Tourism City
• Harbin Wanda Cultural Tourism City
• Wuxi Wanda Cultural Tourism City
• Qingdao Wanda Cultural Tourism City
• Guangzhou Wanda Cultural Tourism City
• Chengdu Wanda Cultural Tourism City
• Chongqing Wanda Cultural Tourism City
• Guilin Wanda Cultural Tourism City
• Jinan Wanda Cultural Tourism City
• Kunming Wanda Cultural Tourism City
• Haikou Wanda Cultural Tourism City
• 76 hotels including Wanda Realm Beijing and Wanda Reign Wuhan
Images: Hefei Wanda Cultural Tourism City (top) and Wang Jianlin (below).
29th May 2017 - DALIAN WANDA GROUP TO BUILD NEW CENTRAL ASIAN THEME PARKS
18th November 2016 - WANDA GROUP SELECTS PREMIER RIDES TO DEVELOP ‘WORLD FIRST’ THEME PARK ATTRACTION
15th November 2016 - INVESTMENTS IN CHINA’S THEME PARKS DRIVING ASIAN TOURISM
18th October 2016 - NEW DALIAN WANDA CULTURAL THEME PARK OPENS IN SOUTHERN CHINA
27th July 2016 - WANDA GROUP AIMS TO TRIPLE ENTERTAINMENT AND SPORT REVENUE BY 2020
23rd May 2016 - DALIAN WANDA HEAD SLAMS DISNEY SHANGHAI RESORT
2nd April 2016 - IRONMAN 70.3 RACES TO BE HELD IN CHINA
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