Southern Chinese property developer Guangzhou R&F Properties will buy dozens of hotels from Dalian Wanda Group for Rmb19.9bn ($2.94bn) in the latest twist in the Chinese conglomerate’s hasty asset sale.
Wanda, the property-to-entertainment group that has come under pressure from regulators for its overseas purchases, announced last week that it would sell its theme parks and hotel assets to Sunac, a developer from the northern port city of Tianjin.
On Wednesday, Hong Kong-listed R&F Properties suddenly joined the deal, originally valued at $9.3bn, buying 77 hotels in mainland cities and leaving Sunac with theme parks that Wanda had once hoped would beat Disney.
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