Sunac to pay 63.2b yuan for Wanda assets in China's largest property deal
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Hong Kong
SUNAC China Holdings Ltd agreed to buy hotels, land and projects from Dalian Wanda Group Co for 63.2 billion yuan (S$12.9 billion) in China's largest property deal, as billionaire chairman Sun Hongbin moves to take advantage of competitors shedding assets.
Sunac will buy 76 hotels from Wanda through a unit, and will purchase a 91 per cent stake of 13 cultural and tourism projects, according to a statement posted on Wanda's website. Sunac halted trading of its shares in Hong Kong on Monday pending an announcement of a "very substantial" acquisition, it said in a statement. The developer had closed 6.9 per cent lower on Friday.
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