Wanda's new overhaul is a prelude to relisting

Wanda Hotel Development

10/08/2017 09:12

(The author is a Reuters Breakingviews columnist. The opinions 
expressed are his own.) (Refiles to remove extraneous character 
in context news.) 
    By Alec Macfarlane 
    HONG KONG, Aug 10 (Reuters Breakingviews) - Chinese tycoon 
Wang Jianlin, under pressure to delever, just sold $9 bln of 
hotels and theme parks. Now he's taking full control of some 
property projects and selling some businesses to a Hong Kong 
unit. That would make a delayed mainland listing more appealing 
to investors. 
          
    Full view will be published shortly. 
    On Twitter https://twitter.com/AlecMac11 
 
    CONTEXT NEWS 
    - Wanda Hotel Development, a Hong Kong-listed arm of Chinese 
conglomerate Dalian Wanda Group, plans to buy businesses worth 
more than $1 billion from other units of its parent company, 
while selling out of four property projects.  
    - Wanda Hotel said it would buy theme-park operator Wanda 
Culture Travel Innovation Group from Beijing Wanda Culture 
Industry Group for a provisional 6.3 billion yuan ($945 
million), paid either in cash, shares or convertible bonds. 
    - It will also buy hotel operator Wanda Hotel Management 
(Hong Kong) from Dalian Wanda Commercial Properties for 750 
million yuan in cash, it said in a filing to the Hong Kong stock 
exchange on Aug. 9.  
    - Meanwhile, it will sell its controlling stakes in projects 
in Guilin, London, Chicago and Australia to Dalian Wanda 
Commercial for cash, with the prices "based on the net asset 
value" of the companies. 
    - Wanda Hotel shares soared. By late afternoon in Hong Kong 
on Aug. 10 they stood 22.4 percent higher at HK$1.42 a share.  
    - For previous columns by the author, Reuters customers can 
click on  MAC/  
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    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 
Wanda Hotel to buy $1 bln of assets from Wang-controlled 
businesses     urn:newsml:reuters.com:*:nL4N1KW09U 
HKeX announcement    http://www.hkexnews.hk/listedco/listconews/sehk/2017/0809/LTN20170809826.pdf 
BREAKINGVIEWS - Wanda and Sunac go back to M&A 101    
 urn:newsml:reuters.com:*:nL3N1KB1BK 
BREAKINGVIEWS - Sunac seals China knight role with $9bln Wanda 
buy     urn:newsml:reuters.com:*:nL4N1K122R 
BREAKINGVIEWS - Chinese outbound M&A approaches a new normal    
 urn:newsml:reuters.com:*:nL3N1JC19Z 
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> 
 (Editing by Quentin Webb and Katrina Hamlin) 
 ((alec.macfarlane@thomsonreuters.com; Reuters Messaging: 
alec.macfarlane.thomsonreuters.com@reuters.net)) 
 
Keywords: WANDA HOTEL ASSET RESTRUCTURE/BREAKINGVIEWS