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Wanda confirms sale of two tourism units to Sunac China for $900 million

2018/11/18 20:36:32
Wanda Group on Monday confirmed that it has agreed to sell two of its tourism units to Sunac China for 6.28 billion yuan (USD 902 million), after denying an earlier report.

The agreement came after “friendly negotiations” with Sunac, a statement posted on Wanda’s website said. Wanda also agreed to unwind a separate hotel management deal with Sunac as part of this transaction.

A separate filing by Sunac to Hong Kong’s bourse late on Monday said the purchase of 75% of Chengdu Wanda Theme Cultural and Tourism Management and 99% of Wanda Culture Travel Innovation Group was to improve the projects’ management efficiency.

Monday’s statement contradicts a denial posted by Wanda on its website on October 17, after the financial magazine Caijing published a story the previous day which said Wanda was ready to sell the subsidiary.

Wanda said on Monday that it is bullish on China’s culture and tourism industry, and would continue to invest in the industry, adding it will partner with other companies including Sunac.

Wanda will retain its culture and tourism core team, and restructure some companies operating in the industry. The reason for the sale was due to “numerous inconveniences” resulting from the separation of the 13 projects’ ownership from its design and operating units.

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