(Yicai Global) Nov. 22 -- Chinese real estate developer Dalian Wanda Group and Guangzhou R&F Properties Co. [HKG:2777] have adjusted their deal for the transfer of 77 hotel properties, the latter announced through the Hong Kong Stock Exchange on Oct. 31.
The original deal would see R&F purchasing 77 hotels from Wanda, but the seller has had to adjust its offer as three of its properties are tied together under the same property right certificate, and cannot be separated. In their stead, Wanda will offer up another of its buildings and the price of the trade will be adjusted accordingly.
The developer will no longer sell its Sanya Wanda Doubletree by Hilton, Guangzhou Wanda Hilton or Nanjing Wanda Hilton hotels, as initially proposed in the deal. Wanda will sell the Dalian Wanda Commercial Center in their place.
As a result of the change, the transaction price will be slashed by about USD100 million, from CNY19.906 billion (USD3.01 billion) to CNY19.204 billion (USD2.91 billion).
Some 65 of the now 75 hotels to be sold have met the conditions for the sale, the statement said. R&F has already handed over CNY16.644 billion to Wanda Group and is waiting for the remaining properties to be transferred.