Dalian Wanda says to sell China tourism projects, hotels to Sunac for US$9.3 billion

dalian-wandaBEIJING: Dalian Wanda Group said on Monday it will sell 91% of 13 tourism projects, as well as 76 hotels in China to Sunac China for a total of 63.18 billion yuan (US$9.3 billion).

The conglomerate, China’s largest commercial property developer, said in a statement it will sell the stake in the tourism projects to the Tianjin-based developer for 29.58 billion yuan and the hotels for 33.6 billion yuan.

Sunac’s shares in Hong Kong were suspended from trading on Monday ahead of what it said would be a “very substantial acquisition” announcement.