Chinese developer Sunac China Holdings buys 76 hotel and 13 tourism projects from Dalian Wanda Group, with a total transaction value amounting to 63,2 billion yuan ($9,3 billion), as it follows from a joint statement published on Wanda's website.
The Chinese group, with businesses spanning real estate, films, sports and entertainment, had plans to build at least 20 such cultural projects around China. The park suffered from poor attendance and was closed for retooling last summer.
Detailed contracts regarding the acquisition, said to be the largest of its kind ever reached in the country's real estate industry, will be signed by the end of this month. Wanda hasn't said when it would reopen.
A major shopping-mall developer, Wanda moved into theme parks as part of a broader shift into entertainment that began with acquisitions of Chinese cinemas in 2006.
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Earlier this year, it invested $2.2 billion in a unit of Chinese tech and entertainment company LeEco Holdings, which faced cash problems and difficulty raising fresh funds.
Sunac will pay for this from its cashpile that stood at over 90 billion yuan at the end of June, Caixin quoted Sun as saying.
Shares in Wanda Hotel Development surged more than 150 percent after news of the deal, though none of the hotels being sold are included under this entity.
The latest disposal of the hotel and cultural and tourism projects will enable Wanda Commercial Properties to reduce its debt as the company continues to operate under a light-asset strategy, Caixin reported, citing Wanda's Chairman Wang. Sunac, which is listed in Hong Kong, had suspended its shares ahead of the announcement.
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