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 moves back from the theme-park market in a bid to reduce debt.
Wanda said it would offload 91 per cent 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.
After the sale, Wanda will, however, continue to play a role in operating and managing the projects.
Wanda’s parks are still under construction, except three that have been completed. Two opened in Nanchang and Hefei last year.