Tuesday, 21 November, 2017

Wanda Group to Sell Amusement Park Business for over $9 Billion

Sunac China Holdings Ltd logo is seen during a exhibition in Hangzhou Zhejiang province China Sunac China Holdings Ltd logo is seen during a exhibition in Hangzhou Zhejiang province China
Heather Davidson | 12 July, 2017, 00:41

Its billionaire owner Wang Jianlin had a year ago said his "wolf pack" of parks would beat United States rival Walt Disney Co.

Facing pressure to reduce its debt, Chinese conglomerate Dalian Wanda Group plans to sell $9.3 billion in tourism projects and hotels to real estate rival Sunac China.

Primarily a real estate company, Wanda also took aim at the tourism industry by pledging to unseat Disney as a top brand.

Some analysts believe that, having delisted from the Hong Kong market past year, a smaller debt pile will strengthen the argument for relisting in mainland China. The price tag for the hotels is 33.6 billion yuan.

With the latest deal, Sun targeted assets from fellow-billionaire Wang Jianlin, who was among the most acquisitive Chinese tycoons up until a year ago.

After the deal, 50 million square meters of saleable gross floor area will be added to Tianjin-based Sunac's land bank, making it one of the largest property developers in the country by land area, after China Evergrande.

The deal indicates that "Wanda is running out of options to raise funds through normal financing channels", said Ivan Han, Shanghai-based analyst with financial information provider Morning Whistle.

Wang told Caixin that Wanda would accelerate a push to increase its focus on film, sports, tourism, internet, finance and other business, at the expense of property development.

Wanda's expansion was aided by Beijing's encouragement of firms to invest overseas to find new markets, access technology and increase China Inc's influence. "The proceeds from the sale will be used to pay off loans".

Wanda had earmarked a more than 300 billion yuan investment for its cultural and tourism projects.

Sunac shares halted trading in Hong Kong on Monday, pending an announcement of a "very substantial acquisition", according to a regulatory filing. It has also been very active globally, buying U.S. cinema chain operator AMC Entertainment Holdings Inc and taking a controlling stake in USA film studio Legendary Entertainment previous year. "Sunac could be seeking more exposure outside of just purely property development, as growth of Chinese new home sales will likely slow in the long-run".

Recommended

  • DeMarre Carroll announces he's leaving Raptors after reported deal with Nets

    DeMarre Carroll announces he's leaving Raptors after reported deal with Nets

    Starting with the draft picks the Brooklyn Nets will receive from the Toronto Raptors , they clearing won the trade. Injuries limited him to 26 games in his first season with the Raptors when he averaged 11 points.
    US U19 team, Okogie, eliminated at world championship tournament

    US U19 team, Okogie, eliminated at world championship tournament

    David Okeke tallied eight points for Italy in the quarter to try to keep the team in the game, but Canada led 51-36 at the break. The Americans had a 62-53 rebound advantage and grabbed 30 offensive boards leading to 22 second-chance points.
    'Spider-Man: Homecoming' Slings to Massive $117 Million Domestic Opening

    'Spider-Man: Homecoming' Slings to Massive $117 Million Domestic Opening

    Starting with " Despicable Me 3 ", which is headed for a $34 million second frame, or a 53% drop from last weekend. The fifth film in the Paramount franchise is expected to make just $6 million this weekend.
  • Konta beats Garcia in Wimbledon last 16

    Konta beats Garcia in Wimbledon last 16

    Although she has reached the semifinals at Wimbledon in the past, Halep has a hard matchup on Monday at the Grand Slam. A lot of people are going to look at her run so far and think that she's been on the brink too much.
    Pakistan summons Indian envoy over LoC firing

    Pakistan summons Indian envoy over LoC firing

    He also announced on spot assistance of rupees ten thousand in favour of the NOKs of victims from Red Cross. Later the bodies of the soldier and his wife were handed over to his relatives who live in the Mendhar area.
    Rigoberto Uran wins brutal ninth stage of Tour de France

    Rigoberto Uran wins brutal ninth stage of Tour de France

    Monday is a rest day and the fight for the overall title is set to resume next Thursday with the first big Pyrenean stage. I've just seen the images of Richie Porte's crash and that leaves you with a terrible feeling.
  • New Trailer For 'The Dark Tower' Arrives Online

    New Trailer For 'The Dark Tower' Arrives Online

    With a wonderful cast and a beautifully dark story by Stephen King , everyone has their fingers crossed for something incredible . If you destroy that tower (which is what the Man in Black really wants to do), you unleash unholy fury on Earth.
    JIT urgesNAB to file reference against Nawaz Sharif, sons

    JIT urgesNAB to file reference against Nawaz Sharif, sons

    Respondent 1 refers to Prime Minister Sharif; Respondent 6 was Maryam; Respondent 7 Hussain; while Respondent 8 was Hassan. The Supreme Court said the petitioners and Sharif's family would be provided copies of the JIT's report.
    Bodycam footage shows officers saving terrified dogs from hot auto

    Bodycam footage shows officers saving terrified dogs from hot auto

    Police body cam video that shows officers and firefighters rescuing two dogs from the extreme heat in Georgia has gone viral. Within 18 seconds, police were on the scene to rescue both dogs, according to local NBC affiliate WXIA.
  • Oil rises above $44 on OPEC cap

    Oil rises above $44 on OPEC cap

    Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest. The two countries have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia.
    Iraq PM Haider al-Abadi declares Mosul victory over 'Islamic State'

    Iraq PM Haider al-Abadi declares Mosul victory over 'Islamic State'

    After months of fighting, the Iraqi army officially recaptured Mosul , pushing the last pockets of Islamic State resistance from the city.
    Donald Trump puts U.S.  in a club of one

    Donald Trump puts U.S. in a club of one

    Merkel also pointed out that most of the countries supported the Paris accord on climate change, while Trump has abandoned it. Trump (@realDonaldTrump) July 5, 2017Trade between China and North Korea grew nearly 40% in the first quarter.

White House gaffe names Xi as President of Taiwan, not China White House gaffe names Xi as President of Taiwan, not China America remains Taiwan's most powerful ally despite having no official relations with Taipei for decades. Nearly six months into office, Trump has yet to fill thousands of government positions.

Charlie Gard's new chance at life? Charlie Gard's new chance at life? His parents want to bring him overseas for experimental therapy, which they say offers their son a chance of improvement. Baby Charlie Gard with his parents, Connie Yates and Chris Gard.

Drinking Coffee Can Help You Live Longer Drinking Coffee Can Help You Live Longer It showed that coffee consumption was linked with a lower risk of death from diseases like circulatory and digestive diseases. But if you don't have that sensitivity, the researchers say this proves that 3 to 5 cups a day can be part of a healthy diet.

Honda US confirms 17th worldwide Takata airbag-related death Honda US confirms 17th worldwide Takata airbag-related death A company spokesman said the man had taken apart the car's center console, although it's not exactly clear what he was working on. Owners can go online and subscribe to Honda service manuals and find out proper procedures for many repairs.

Rafael Nadal crashes out of Wimbledon Rafael Nadal crashes out of Wimbledon The French Open champion had not dropped any of his last 28 sets in grand slams, but Muller took the first two off him. And it looked as though the pair would not be held up for too long when Muller took a two-set lead, leading 6-3, 6-4.

Omaha gas prices see sharp increase Omaha gas prices see sharp increase Senior Petroleum Analyst, Patrick DeHaan, with GasBuddy.com says it's due to an uptick in oil prices since late June. The New York state average on Sunday was 7.2 cents lower than a month ago but 2.2 cents higher than a year ago.

Facebook warning message about hacker a hoax Facebook warning message about hacker a hoax If you've received a message that you believe is a scam, you should avoid responding and report the message to Facebook . People on social media have been warning one another not to accept a friend request from a person named Jayden K.

Wake to be held for slain NYPD officer Wake to be held for slain NYPD officer On Friday, Familia's oldest daughter, Genesis Villella, 20, released a statement , "She was incredibly amusing ". Statement from Officer Familia's daughter: Police say she had no prior contact with gunman Alexander Bonds .

NJ Transit and LIRR Commuters: What Are You Seeing Monday? NJ Transit and LIRR Commuters: What Are You Seeing Monday? Sort of 'It is what it is. "We're pleased with what we saw", he said . "A lot of our region's economy is dependent on commuters". The construction is expected to last about eight weeks and will affect the Long Island Rail Road, New Jersey Transit and Amtrak.

DPO martyred, several injured in blast DPO martyred, several injured in blast Killa Abdullah Sajid Mohmand, who was critically wounded in the blast, succumbed to his injuries in the hospital. Balochistan Chief Minister Sanaullah Zahri and Interior Minister Chaudhry Nisar Ali Khan condemned the attack.

Moving Southern California Wildfire Forces Evacuations Moving Southern California Wildfire Forces Evacuations The fire south of Oroville was one of more than a dozen burning in the state as firefighters worked in scorching temperatures to. In Colorado, residents of almost 500 homes outside the ski town of Breckenridge were allowed to return home on Friday night.

U.S. appoints ex-NATO envoy to handle Ukraine crisis Trump agreed with Putin on the cyber front, and that they are looking to explore ways to deal with cyber threats and cyber security.

Record crowd watches US soccer match in Nashville This year, nine stadiums will be used in the group stage with each stadium hosting two games from the same group on the same day. After that, the slate gets much easier with games against Martinique on July 12 in Tampa and Nicaragua on July 15 in Cleveland.

Isaiah Thomas on looming free agency decision: 'I'm a max guy' Isaiah Thomas on looming free agency decision: 'I'm a max guy' If that winds up happening, don't be surprised if the Celtics have that Brinks truck at his front door nearly immediately next offseason.

Lonzo ball Struggles in Debut, Clippers Upset Lakers Ball started at the point guard position for Los Angeles in their first #Nba Summer League game versus the Los Angeles Clippers . The free agency period has just started, but so far, the offseason has gone as well as the Los Angeles Lakers hoped it would.