Saturday, June 22, 2024

Wanda Group selling Culture Travel Innovation Group and support departments to Sunac for $900 million


In July 2017, Wanda and Sunac signed a deal involving 13 Wanda Cities. The deal stipulated that after the purchase, Wanda Cities names would remain unchanged and the projects would still be designed, built and managed by Wanda Group. Wanda Group and Sunac discovered during implementation that this model creates a number of inconveniences. The companies have determined that consistency in project planning, construction, operation and management and investment is more beneficial for the development of the projects.

Following negotiations between the two parties, Sunac will fully purchase Wanda Culture Travel Innovation Group and design, construction and management companies of 13 cultural tourism projects for US$900 million. Wanda will use its resources to support the purchase of the Wanda City projects that have not yet opened and ensure smooth opening and operation.

In the future, Wanda will continue to invest in cultural tourism sector and retain core cultural tourism teams. In conjunction with the sale, Wanda will reorganize its Cultural Tourism Planning and Research Institute, the Cultural Tourism Construction Center and the Cultural Tourism Management Company.

In the future, Wanda will adhere to a guideline of developing both asset-heavy and asset-light businesses. Wanda will continue investing in a number of Cultural Tourism City projects that are being negotiated. Among those, asset-light Wanda City projects will include a number of third-party investors, including Sunac.

Joe Kleiman
Joe Kleiman
Raised in San Diego on theme parks, zoos, and IMAX films, InPark's Senior Correspondent Joe Kleiman would expand his childhood loves into two decades as a projectionist and theater director within the giant screen industry. In addition to his work in commercial and museum operations, Joe has volunteered his time to animal husbandry at leading facilities in California and Texas and has played a leading management role for a number of performing arts companies. Joe previously served as News Editor and has remained a contributing author to InPark Magazine since 2011. HIs writing has also appeared in Sound & Communications, LF Examiner, Jim Hill Media, The Planetarian, Behind the Thrills, and MiceChat His blog, takes an unconventional look at the attractions industry. Follow on twitter @ThemesRenewed Joe lives in Sacramento, California with his wife, dog, and a ghost.

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