Wanda Hotel plans sale of Australia property projects; trade halted

Wanda Hotel Development

24/01/2018 24:24

HONG KONG, Jan 24 (Reuters) - Wanda Hotel Development Co Ltd 
 0169.HK  said late on Tuesday a unit has entered into an 
agreement to sell the rights and interests in certain property 
projects in Australia to an independent third party. 
    The company's shares, which were put on a trading halt on 
Friday, would remain suspended pending announcement of the 
disposal, the Hong Kong-listed firm said. It gave no further 
details. 
    Sources last week said Wanda Hotel's parent company Dalian 
Wanda Group was expected to announce the sale of two Australian 
property projects, which The Australian newspaper said were 
worth about A$1 billion ($800 million).  urn:newsml:reuters.com:*:nL3N1PE1D2 
    The sales are expected to lessen financial strains on Dalian 
Wanda following a major acquisition spree by helping it meet 
upcoming debt deadlines.  
    China's regulators last year told banks to stop providing 
funding for several of Wanda's overseas acquisitions, sources 
have said, part of a crackdown on what Beijing sees as 
irrational spending by some domestic conglomerates. 
    Since then, Wanda, whose businesses range from real estate 
to football and cinemas, has embarked on a string of asset 
sales.  urn:newsml:reuters.com:*:nL3N1K82KV 
 
 (Reporting by Donny Kwok; editing by Richard Pullin) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: WANDA HOTEL SALE/TRADE