Wanda founder to buy majority stake in Wanda Hotel

Hong Kong

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

In a statement to the stock exchange on Monday, Wanda Hotel said Wanda Commercial Properties Overseas, which is about 60 per cent owned by Mr Wang, will transfer its 65.04 per cent stake to Wanda Investment Holding - 100 per cent owned by Mr Wang - at HK$1.20 a share.