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January 30, 2018

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Wanda Group sells 2 Aussie projects

DALIAN Wanda Group has agreed to sell its two Australian projects for a total of A$1.13 billion (US$913 million) in equity and assumed debt.

Wanda Group will get A$315 million for the sale, and the buyer will also repay A$815.1 million in assumed debt on behalf of the company, according to Wanda Hotel Development Co Ltd yesterday, the Hong Kong-listed unit of Wanda Group.

The deal, signed on January 18, comes just days after it sold a high-profile London luxury development project for around US$81 million, the latest in a string of asset sales that underscore financial strains hitting the Chinese conglomerate.

The buyer of the Australia firm is AWH Investment Group Pty Ltd, the statement said.

“Consistent with the Company’s strategy to deleverage, the Company considers that the Disposal represents an opportunity for the Group to realize its investment in both Gold Coast Project and Sydney Project and would benefit the Group by strengthening the liquidity and financial position of the Group,” Wanda Hotel said.

Wanda Hotel said the disposal of the company, which owns the One Circular Quay in Sydney and 55 percent of the Jewel Resort on the Gold Coast which are both under development, would post a gain of around HK$556 million (US$71 million) for Wanda Group.

Wanda Hotel owns 60 percent of the company, while Wanda HK owns 40 percent. Both are subsidiaries of Wanda Group.

Wanda Hotel will also use HK$4.1 billion of the proceeds to repay loans and interest due to Wanda HK, it added.

Shares of Wanda Hotel will resume trading today. They have been suspended since January 19.


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