Chinese developer Dalian Wanda Group said it would sell a majority stake in many of its theme parks to rival developer Sunac China a year after its chairman boasted of driving Disneyland out of China.
Dalian Wanda announced on Monday that Sunac would pay Rmb63.2bn ($9.3bn) for 76 Wanda hotels as well as taking a 91 per cent stake in 13 of Wanda’s tourism projects in China.
Wanda Hotel Development’s Hong Kong-traded shares rose as much as 155 per cent in early trade Monday on the news, and closed up 47 per cent at HK$0.85
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