Saturday, April 10, 2021

Wanda Group to Sell 91% Stake in Chinese Attraction Holdings

Wanda Group has announced that it will sell 91% of its cultural tourism city and 100% of its hotel operations to Sunac China Holdings for US$9.3 billion. The deal includes thirteen cultural tourism cities in Wenshang, Nanchang, Hefei (above photo), Harbin, Wuxi, Qingdao, Guangzhou, Chengdu, Chongqing, Guilin, Jinan, Kunming, and Haikou. While the specific attractions vary by project, Wanda’s cultural tourism centers are home to theme parks, waterparks, large shopping and entertainment centers, flying theaters and other film-based attractions, indoor ski facilities, aquariums/dolphinariums, and live performance venues. In addition to the cultural tourism cities, the deal includes full ownership of 76 hotels throughout China.

Under the sales agreement, the cultural tourism cities will retain the Wanda name, with design, construction, and management to be continued by Wanda.

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