(Yicai Global) July 10 -- Dalian Wanda Commercial Properties Ltd. and Sunac China Holdings Ltd. have signed a CNY63.17 billion (USD9.3 billion) transfer agreement today, the Chinese commercial property investor and operator said on its website. Wanda has agreed to transfer a 91 percent stake in 13 cultural tourism projects to Sunac for CNY29.5 billion (91 percent of the total registered capital), and the latter will be responsible to repay all existing loans taken out for the projects.
The Tianjin-based real estate developer will take over 76 Wanda hotels including Wanda Realm Beijing and Wanda Reign Wuhan at a total price of CNY33.595 billion. The 13 cultural tourism projects are located in Xishuangbana, Nanchang, Hefei, Harbin, Wuxi, Qingdao, Guangzhou, Chengdu, Chongqing, Guilin, Jinan, Kunming and Haikou.
The pair has agreed to execute a detailed agreement by July 31, and will complete the payment and asset and equity delivery as soon as possible, their statement said. Both companies agreed to keep the original cultural tourism projects' brands and development, construction and operation plans as the same after the deals. The existing hotel management contracts will also continue to be valid until they expire.
They also plan to launch comprehensive strategic cooperation in movie production and several other businesses, the statement added.