Dalian Wanda sold major China ski resort in June: report

[HONG KONG] Dalian Wanda Group sold one of China's largest ski resorts to another conglomerate in June, online news website The Paper reported, although it did not give a deal value for the site billed by Wanda as a US$3 billion investment project.

The report follows several large asset sales this year by the Wanda group, which is led by billionaire founder Wang Jianlin. Wanda and some other high-profile Chinese conglomerates have also had to scale back their ambitions in the wake of Beijing's crackdown on large debt-fuelled acquisitions overseas not seen as strategic.

Control of the Changbaishan International Resort in northern China was transferred to the Dalian Yifang Group on June 16, The Paper said in a Nov. 29 article citing the resort's registry.

It added that Wanda retained the management and operational rights to the resort.

Wanda declined to comment. It has previously described the 21 square kilometre resort as a 20 billion yuan (US$3 billion) investment project - its first tourism project and China's largest ski resort.

A representative for Dalian Yifang's investment department was not immediately available for comment.

Wanda announced plans this year to sell most of its tourism projects and hotels in China to Sunac China Holdings Ltd and Guangzhou R&F Properties Co Ltd for about US$9 billion.

This week, the group's founder Wang agreed to buy a majority stake in Wanda Hotel Development Co for US$470 million from Wanda Commercial Properties, a move that is expected to boost liquidity at the indebted property firm.

Dalian Yifang Group, chaired by Sun Xishuang, is a close business partner of Wanda in many onshore and offshore projects, according to The Paper.

REUTERS