Dalian Wanda sells majority stake to rival Sunac China for $9.3bn

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Ltd. will part ways with a portfolio of tourism projects and hotels in a 63.17 billion Chinese yuan ($9.29 billion) sale to Chinese property developer Sunac China Holdings Ltd., according to a Monday statement.

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

Wanda is among conglomerates including Fosun International Ltd (復星國際), HNA Group Co (海航集團) and Anbang Insurance Group Co (安邦保險集團) whose loans are under government scrutiny after China's banking regulator asked some lenders to provide information on overseas loans to the companies, people familiar with the matter said last month.

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.

Beijing began previous year to roll out restrictions to curb overseas capital flight, which analysts said raises funding costs to companies like Wanda as lending to them is now viewed as more risky due to the constraints they face. This fake Lamborghini is a 'Shanzhai' model of the kind that are growing in demand in China, where you can get a smart auto knock-off of a Land Rover, a Mercedes-Benz, or a BMW.

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It is thought that the deal will go towards reducing Wanda's commercial debt pile. Wang told Caixin that Wanda would re-invigorate previously stated plans to increase the group's focus on its film, sports, tourism, internet, finance and other ventures, presumably at the expense of its property business. It did not comment further on the deal.

In January it invested $2.2 billion in Chinese tech firm LeEco, which has acknowledged that it expanded too rapidly and was now facing a cash crunch.

Wanda Hotel Development, the group's listed unit in Hong Kong, surged 94.83 percent to HK$1.13 by the break.

Sunac's shares were suspended from trading ahead of what it said would be a "very substantial acquisition" announcement.