Wanda selling 80 hotels to R&F Properties
Guangzhou, China – 20 July 2017 –
Chinese conglomerate Wanda will sell almost 80 hotels to Guangzhou-based R&F Properties instead of developer Sunac China in a last-minute change to one of the country’s largest ever property deals.
The news follows reports that Chinese regulators are taking a closer look at Wanda’s finances in the wake of a series of massive, high-profile foreign acquisitions, Agence France-Presse reported.
Last week, Sunac China Holdings announced it would buy 76 hotels and a 91 percent stake in 13 other “cultural and tourism projects” from Dalian Wanda Group in a gargantuan deal valued at 63.2 billion yuan (US$9.3 billion).
But in a joint statement, the companies said R&F Properties would instead buy 77 hotels for 19.9 billion yuan.
Sunac will now only buy a majority stake in the 13 cultural assets, and for a price of 43.8 billion yuan – up from 29.58 billion yuan quoted last week.