Chinese property giant Dalian Wanda Group plans to sell tourism projects and hotels in the country to Sunac China for $9.3 billion, as it dials back its theme-park ambitions and brings down its debt pile. Samantha Vadas reports.
It had ambitions to take on Disney World in China. But a year on and Dalian Wanda Group is selling up big. The property giant offloading 91 percent of its 13 attractions around the country for an eye-popping $9.3 billion. Its the second-largest real estate deal ever in China. Developer Sunac snapping up Wanda theme parks, sports clubs and 76 hotels. All in a bid to get rid of physical assets to raise some cash. Something the company may need to deal with its debt and according to analysts could help a listing on the Shanghai stock exchange. Still it marks a sharp U-turn for the company's billionaire boss Wang Jianlin who aimed to use his so-called 'wolf pack' of smaller parks to take on Disney. Wanda will still be involved in the projects while handing over the keys to local competition. Shares in buyer Sunac doubled in value this year but analysts worry the company has bitten off more than it can chew. It's been slapped with a negative credit rating because of debt it took on to fund its own buying spree.