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Multiple Wanda ice and snow projects sell to Sunac

Tuesday, 11 Jul 2017 19:52   |   By Gu Huanhuan

5110

On July 10, Dalian Wanda Commercial Properties Co., Ltd and Sunac China Holdings Limited announced that 91% of the equity of Wanda’s 13 culture and tourism projects are to be transferred to Sunac for 29.575 billion yuan. Sunac will also take over the projects’ loans.

The 13 culture and tourism projects include the Harbin Wanda Mall Indoor ski resort and other three ice and snow projects in Guangzhou, Chengdu and Wuxi.

Harbin Wanda Mall Indoor Ski Resort has been open to visitors since June 30, 2017. It is the biggest indoor ski resort in the world. It is equipped with six ski trails with different slopes, which makes it suitable for ski fans of different levels.

One of the projects, an indoor ski resort in Guangzhou, is still under construction and appears to be massive. Its volume equals to the size of ten standard football fields, and its scale is almost the same as that of the Harbin Wanda Mall Indoor ski resort.

In Chengdu Wanda Cultural Tourism City, the fourth generation indoor ski resort is intended to be built by using the world’s leading science and technology. The investment on science and technology for the Chengdu cultural tourism project is far more important than that for the Harbin Wanda Cultural Tourism City.

According to the agreement between Wanda and Sunac, both parties have to conclude and sign the detailed agreement before July 31, 2017, the payment and delivery of the properties and stockholders’ equity should be settled as soon as possible. The brands and plans of the current projects remain unchanged. Wanda will still be responsible for the construction and operation management of these 13 transferred projects.

As a result, Sunac becomes the biggest shareholders of these transferred projects, with a stake of about 91%. 

In the mean time, Sunac also bought 76 hotel projects from Wanda Group at a price of 33.595 billion yuan. 

On January 13, 2017, Sunac invested 15 billion yuan in LeEco and became the second biggest stockholder of LeEco.

Source: QQ.com

Proofread by Linda Barouk

Tags: Wanda Group

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