Dalian Wanda Commercial Properties will sell a 91% interest in
its 13 Wanda Cultural Tourism City projects plus 76 hotels to Sunac China
Holdings for a total of about $9.3 billion.
Wanda opened its first Wanda Cultural Tourism City project
in Nanchang last year and has others in development in several cities,
including Guangzhou, Chengdu and Haikou. The developments have three completed theme
parks and a number of others under construction.
Wanda has more than 100 hotels under the Wanda Vista, Wanda
Realm Wanda Reign and Wanda Jin brands, with 160 more slated to be opened by
2020, including hotels in Chicago and Los Angeles.
The company is now going with an asset-light strategy. As
part of the agreement, Wanda will maintain both branding and management of the sold
hotels.
Wanda and Sunac said Monday that they will sign an
official agreement by the end of the month. The deal would be the
second-largest real estate sale in China’s history, reported Reuters.
Wanda is headed by Wang Jianlin, whose $31 billion
net worth makes him China’s wealthiest citizen and the world’s 18th-wealthiest
person, according to Forbes.