China's Wanda Hotel reviews property landmarks, but no talks to sell

Wanda Hotel Development

21/11/2017 06:21

HONG KONG, Nov 21 (Reuters) - China's Wanda Hotel 
Development Co  0169.HK  said on Tuesday it was open to 
"business opportunities" related to its portfolio of landmark 
overseas properties, although no sale talks were under way. 
    The company was responding to a South China Morning Post 
report last week that the conglomerate was looking to sell $5 
billion of overseas property assets to a single buyer.(http://bit.ly/2B4sdxy) 
    On Tuesday, Wanda Hotel said it had not entered talks for 
the assets. It added however that it was undertaking a strategic 
review of the projects following recent changes in its 
directors, and that it would "consider any business 
opportunities which can create value for shareholders." 
    Wanda Hotel's biggest overseas developments, which mix 
high-end flats with luxury hotels, include One Nine Elms in 
London, One Circular Quay in Sydney, a Gold Coast development 
near Surfers Paradise and Vista Tower in Chicago. All are under 
development.  
    Dalian Wanda Group, headed by billionaire magnate Wang 
Jianlin, has been one of China's most prolific dealmakers. It 
controls or owns stakes in U.S. cinema chain AMC as well as 
Spanish soccer club Atletico Madrid. 
    This year, however, Beijing's crackdown on showy overseas 
ventures has drawn in several corporations such as Wanda, HNA 
Group, Anbang Insurance Group  ANBANG.UL  and Fosun 
International  0656.HK . 
    That has forced the conglomerates to dial back some of their 
ambitions. Wanda announced plans earlier this year to sell most 
of its tourism projects and hotels in China to Sunac China and 
Guangzhou R&F Properties for about $9 billion.  urn:newsml:reuters.com:*:nL4N1L81JQ 
    In August, Wanda Hotel announced plans to swap some assets 
with its mainland parent.  
    The deal, worth over $1 billion, included Wanda Hotel taking 
the equity interest in theme park operator Wanda Culture Travel 
Innovation and hotel operator Wanda Hotel Management.  
    The transaction also involved Wanda Hotel selling its 
interest in the landmark properties to its parent.  urn:newsml:reuters.com:*:nL4N1KW19O  
  
 
 (Reporting by Sumeet Chatterjee; Editing by Jennifer Hughes and 
Stephen Coates) 
 ((sumeet.chatterjee@thomsonreuters.com; +852-2847 2094; Reuters 
Messaging: sumeet.chatterjee.thomsonreuters.com@reuters.net)) 
 
Keywords: WANDA HOTEL DIVESTITURE/