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Sunac to acquire projects from Dalian Wanda
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SUNAC China Holdings Ltd, one of the country's largest real estate developers in terms of property sales, announced today that it has agreed to acquire 76 hotels and 13 cultural and tourism projects from Dalian Wanda Group Co for 63.2 billion yuan (US$9.27 billion), six months after its 15 billion yuan investment in cash-strapped LeEco.
Sunac is going to pay 29.575 billion yuan for a 91-percent stake in Wanda's 13 cultural and tourism projects in Xishuangbannan, Nanchang, Hefei, Harbin, Wuxi, Qingdao, Guangzhou, Chengdu, Chongqing, Guilin, Jinan, Kunming and Haikou while 33.595 billion yuan will be spent to purchase the 76 hotels, according to a statement on the official website of Wanda, a conglomerate founded by Wang Jianlin, one of China's richest men.
Detailed contracts regarding the acquisition, said to be the largest of its kind ever reached in the country's real estate industry, will be signed by the end of this month.
The deal will allow both companies to leverage their own strength, the joint statement said.
The latest disposal of the hotel and cultural and tourism projects will enable Wanda Commercial Properties to reduce its debt as the company continues to operate under a light-asset strategy, Caixin reported, citing Wanda's Chairman Wang.
Hong Kong-listed Sunac, which halted its trading of shares today, will use its own capital to fund the acquisition, according to Sun, saying his company still has more than 90 billion yuan in cash as of the first half of this year, according to Caixin's report.
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