Dalian Wanda offloading theme parks, hotel business in USD 9.3 billion deal
Billionaire owner of Dalian Wanda Group, Wang Jianlin, who said it would take over Walt Disney Co as the world’s top theme park operator, has seemingly acknowledged it is a battle he cannot win.
Dalian Wanda is offloading its tourism and theme park projects and hotel assets in a huge $9.3 billion deal to Tianjin based Sunac China.
In a move to reel in debt, Dalia Wanda is selling a 91% stake in thirteen theme park projects and 76 hotels but will retain management rights.
Wanda had plans for about 20 theme and cultural parks with three already open.
Wanda said Sunac will be responsible for all the loan repayments on the projects, but the brand name and design will remained unchanged.
"Through this asset transfer, Wanda Commercial’s debt ratio will be greatly reduced, all the proceeds will be used to repay loans. Wanda Commercial plans to repay most of the bank loans this year," Wang said.
Dalian Wanda also has interests in commercial real estate, the film industry and sports venues.
Sunac and Wanda are expected to finalise an agreement by the end of this month.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent
Strike action set to cause travel chaos at Brussels airports
All eyes on Qatar as Qatar Airways leads a season of global events