Wanda Group to Sell Amusement Park Business for over $9 Billion

Wanda Group to Sell Amusement Park Business for over $9 Billion

Indeed, last December ratings agency Standard&Poor's downgraded the Wanda Commercial's bonds to just one notch above so-called "junk" status.

Under the deal, Wanda will offload 91 percent of thirteen cultural tourism projects, which usually include theme parks and leisure complexes, and 76 hotels to the acquisitive Tianjin-based developer Sunac for 63.18 billion yuan.

The deal will see Dalian Wanda Commercial Properties Co.

The deal means Sunac will also take over the loans for the projects, Wanda said on its website. Two that opened in Nanchang and Hefei previous year do not rank in the top 20 by attendance for Asia Pacific, consultancy AECOM's 2016 theme park index shows.

Wanda is to use all proceeds from the deal to pay back loans, according to the report, which also cited an interview with Wang.

Wanda admitted two weeks ago that China's banking regulator had ordered an inspection of potentially risky loans to major Chinese companies that have invested aggressively overseas.

Wimbledon: Novak Djokovic sails, Juan Martin Del Potro stunned
Milos Raonic , Dominic Thiem , Alexander Zverev , Grigor Dimitrov , Gael Monfils and David Ferrer also reached the third round. Wimbledon 2015 runner-up and former French Open champion Garbine Muguruza is through to the third round.

Wanda had earmarked a more than 300 billion yuan investment for its cultural and tourism projects. Tourism and entertainment had appeared to be the main parts of a pivot to more consumer-focused businesses by Wanda in recent years, exemplified by the multi-bilion dollar acquisitions of Hollywood movie studio Legendary Entertainment and move-theater chain AMC Entertainment.

Wanda announced this morning that it would sell 76 hotels and 91 per cent stakes in 13 tourism projects to Sunac.

Wanda Hotel Development, the group's listed unit in Hong Kong, surged 94.83 percent to HK$1.13 by the break. The price tag for the hotels is 33.6 billion yuan.

Sunac, whose shares in Hong Kong were suspended from trading ahead of what it said would be a "very substantial acquisition" announcement, declined to comment further.

Wanda is to control the construction and operation of the 13 cultural projects and the firms are to cooperate in a number of other areas, including films, the statement said.

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