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Wanda sells resorts for $9.27bn

12 July 2017

It also understood that China Rail Engineering Corp (CREC) could be part of the new deal to develop Bandar Malaysia because of its expertise in building the Kuala Lumpur-Singapore High Speed Rail (HSR) terminal in Bandar Malaysia. Developers spent a record 96.7 billion yuan in the second quarter on acquiring competitors or their assets, according to data compiled by Bloomberg.

"Shedding these so far unprofitable assets would not only reduce the company's debt ratio, highlighting the asset-light model, but also raise its chance of being listed as a non-property company", said Yan Yuejin, an analyst with E- house China R& D Institute.

But Wanda Hotel Development, a Wanda Group firm, lost ground on the Hong Kong stock market on Tuesday as many investors dumped its shares for profit taking.

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Dalian Wanda has not explained its thinking behind the sale, but the firm is heavily in debt. "The proceeds from the sale will be used to pay off loans".

But Beijing began previous year to roll out measures to stanch the flood of cash overseas, fearing capital flight, a weakening currency and expressing concerns over "irrational" investments. "Wanda Commercial plans to repay most of the bank loans this year", Wang told Caixin. Another downgrade would push the rating into "junk" category.

An asset manager with a state-owned bad asset management company, who declined to be identified, said Wanda may have reached an agreement with Sunac to take over the troubled Leshi, which Sunac bought for US$2.2 billion in January.

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THE Najib administration has been spared major blushes - but only by Beijing's reluctance to endorse Dalian Wanda's proposed massive investment in Bandar Malaysia two months ago.

Notably, the merger will not include USA movie studio Legendary Entertainment, which Wanda acquired for $3.5 billion in early 2016. Shares in Wanda Hotel Development surged more than 150% after the news.

Hong Kong-listed Sunac suspended its shares ahead of Monday's announcement, but Wanda Hotel Development closed almost 47 percent higher at HK$0.85, having skyrocketed to as high as HK$1.48 earlier in the day.

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Wanda sells resorts for $9.27bn