Wanda selling theme parks and hotels in $9.3B deal

Wanda selling theme parks and hotels in $9.3B deal

Indeed, last December ratings agency Standard&Poor's downgraded the Wanda Commercial's bonds to just one notch above so-called "junk" status.

"This (deal) signifies a retreat from Wanda's previous strategy in cultural tourism, and marks a pivot to an asset-light strategy", said Qin Gang, senior researcher at State Information Center, a government-linked thinktank. Two that opened in Nanchang and Hefei a year ago do not rank in the top 20 by attendance for Asia Pacific, consultancy AECOM's 2016 theme park index shows.

Wanda's need to cut its debt pile was seen as the main reason for the sale, with owner Wang Jianlin having reportedly said all the proceeds from the sale would be used to pay down the company's liabilities.

Wanda has been investing heavily in entertainment, leisure and financial businesses and the buying spree has drawn the attention of Chinese regulators, who ordered lenders last month to assess exposure to overseas deals by Wanda, HNA Group, Anbang Insurance and Fosun. "It's unclear if the sale of their tourism projects is good for them, especially since those tourism culture projects are Wanda's flagship ones". It has also been very active globally, buying USA cinema chain operator AMC Entertainment Holdings Inc and taking a controlling stake in US film studio Legendary Entertainment a year ago.

JP Morgan Chase & Co Reaffirms Neutral Rating for BTG plc (LON:BTG)
Structural problems with its parcels arm have prompted UBS to downgrade Royal Mail Group PLC ( LON:RMG ) to a "sell". After having $-0.34 EPS previously, Oil States International, Inc.'s analysts see -29.41% EPS growth.

Doha Defiant As Saudi-Led Bloc Warns Of 'New Measures'
The foreign affairs think tank called for a public inquiry into the role of Saudi Arabia and other Gulf nations. Existing sanctions, including a land and air blockade, would remain in place, the statement said.

Trump Says Chicago Crime and Killings Have Reached 'Epidemic Proportions'
In January, he warned Chicago about its high number of homicides, saying on Twitter that he is ready to " send in the Feds ". As of Thursday, 320 murders had been committed in Chicago this year, two less than at this same point in 2016.

Wanda Hotel Development, the group's listed unit in Hong Kong, surged 94.83 percent to HK$1.13 by the break.

Still, selling away the bulk of his "Wanda City" projects - massive multi-billion-dollar complexes with theme parks and lodgings - for 29.6 billion yuan represents a departure from Wang's past predictions that he'll build a tourism empire bigger than that of Walt Disney Co. Developers spent a record 96.7 billion yuan in the second quarter on acquiring competitors or their assets, according to data compiled by Bloomberg.

The properties will continue to operate under the Wanda brand, with the company managing the design and quality control of the construction projects, it said.

Sunac yesterday halted trading of its shares in Hong Kong pending an announcement of a "very substantial" acquisition, it said.

Related News:

  • In Warsaw Speech, Trump Vows to Fight Terrorism, Back NATO Allies

    In Warsaw Speech, Trump Vows to Fight Terrorism, Back NATO Allies

    Poland's right-leaning populist nationalist government is a natural ally for Trump. He held talks with German Chancellor Angela Merkel shortly after arriving.
    129 countries set to approve nuclear ban treaty

    129 countries set to approve nuclear ban treaty

    In this respect, a treaty banning nuclear weapons risks affecting the security of the Euro-Atlantic region and worldwide stability.
    Look! Sony Music To Start Manufacturing Its Own Vinyl Again

    Look! Sony Music To Start Manufacturing Its Own Vinyl Again

    Vinyl has definitely made a comeback, but Sony says that it's now struggling to find engineers who know how to make it. Panasonic relaunched its legendary Technics SL-1200 turntable several years ago as the market picked up.
  • Boris Johnson flies in to Qatar to sort out Gulf crisis

    Boris Johnson flies in to Qatar to sort out Gulf crisis

    Foreign Secretary Boris Johnson has flown to Kuwait and Qatar to try and bring an end to the diplomatic crisis in the Gulf region. They vowed to take further political, economic and legal steps to tighten the screws on Doha.

    Tillerson talks tough on Russian Federation , vows U.S. support for Ukraine

    In that role, Volker will lead USA efforts to implement the 2015 Minsk agreement aimed at halting the fighting in Ukraine's eastern Donbass region.
    Carrie Lam sworn in as Hong Kong's new leader

    Carrie Lam sworn in as Hong Kong's new leader

    That, combined with Xi's visit, had sharpened the mood for this year's march, said one veteran participant, retiree David Tse. Over two dozens democracy activists were detained by police after they staged a sit-in to protest against Xi's visit.
  • 'World's biggest' 129MWh Tesla battery approved for SA wind farm

    'World's biggest' 129MWh Tesla battery approved for SA wind farm

    The clock will start ticking on Mr Musk's 100-day commitment once regulators approve the project, clearing it for grid connection. In March, Musk announced that he would build and install a working battery system within 100 days or it would be free.
    Thousands rally in Hamburg over looming G20 summit

    Thousands rally in Hamburg over looming G20 summit

    Trump announced on Twitter that he would be talking on the phone with leaders from Germany, Italy and France on Monday. Trump has said he will pull the United States out of the 2015 Paris deal on tackling climate change .

    Murray out of Wimbledon practice match

    Murray was set to play two matches at this week's Hurlingham Classic before he made a decision to skip the exhibition event due to a sore hip .
  • Podesta doubles down on Trump criticism with WaPost op-ed

    Podesta doubles down on Trump criticism with WaPost op-ed

    The meddling "could be Russian Federation ", he said, but "a lot of people interfere" and other countries may have been involved. Again, Podesta: "I had nothing to do with the Democratic National Committee - I chaired Hillary Clinton's presidential campaign".
    HTC is reportedly working on a mid-ranger with Edge Sense, code

    HTC is reportedly working on a mid-ranger with Edge Sense, code

    Coming to the connectivity features of the HTC Ocean Life , it is pretty commonplace. There'll also be the adaptive HTC USonic as well as the latest Sense 9.0 Android UX.
    10 injured after taxi crashes through pedestrians in Boston

    10 injured after taxi crashes through pedestrians in Boston

    Massachusetts State Police say a crash that injured 10 pedestrians near Boston's airport does not appear to be an intentional act. The 7News channel, citing police sources, reports that the incident was not terror related but was "a case of operator error".


Most liked

Former Wimbledon finalists Kerber, Muguruza set to meet
Tsonga served first upon resumption of the match, but Querrey immediately broke to seal the victory. Raonic fired 21 aces and won 83 percent of his service points during the two-hour, 21-minute match.

Trump pledges $50M to Ivanka's World Bank initiative
When the president later addressed the gathering, he read from prepared remarks, "I'm very proud of my daughter Ivanka ". Mr Trump's controversial views on immigration are widely out of step with many of his fellow leaders at the G20 summit .

Pak Opens Fire Along LoC, 2 Killed
Three soldiers have also been reportedly injured after some terrorists attacked an army patrol in Bandipora district. He was martyred by Indian forces in southern Kashmir on July 8 past year .

Patton Oswalt Proposes To Girlfriend Meredith Salenger
Salenger graduated from Harvard and is best known for her title role in the 1985 Disney film The Journey of Natty Gann . Salenger posted a candid snapshot with Oswalt Thursday morning, in which she can be seen sporting a enormous "rock" ...

Republican health plan bad for America
Ted Cruz spoke, many saying they're concerned about Medicaid and coverage for pre-existing conditions in the Senate health bill. A Republican National Committee (RNC) attempt to troll the Democrats about their health care plans backfired Wednesday.

More Americans trust CNN than Trump
Among those polled, 33 percent labeled themselves as Democrat compared to 28 percent Republican and 38 percent independent. Among independents, CNN still got the higher trust rating of 55 percent against Trump's 40 percent.

Microsoft announces internally its new 'commercial and consumer' sales model
Like most companies, Microsoft too intends to now focus more on cloud computing and business services instead of just software. The magnitude of the potential layoffs is unclear, but the WSJ says they will likely occur in offices all around the globe.

1000 cinemas shut down in Tamil Nadu in protest against GST
Ramanathan Said "If we screen movies, we have to pay local body taxes immediately as it came into force from yesterday". Tamil Nadu is the only state to have imposed an additional 30% entertainment tax over and above the GST for film trade.

No change in US Kashmir policy: US' McCain
The U.S. delegation has arrived in Islamabad at a time when relations between Pakistan and the Trump administration are under pressure.

Long March 5 launch fails
Xinhua only said that an "anomaly" occurred during the launch, and that an investigation would take place. It was unclear from the live broadcast of the launch that there had been any problems with the operation.

Raptors re-sign Serge Ibaka on three-year $65 million deal
Plus, the market hasn't exactly unfolded in Lowry's favour and a return to the Raptors seems inevitable at this point. It's a minor detail on the surface, but for a cap-strapped team like the Raptors it matters greatly.

Small plane crashes on 405 freeway outside Los Angeles
Tina Foster had just left nearby John Wayne Airport when she heard a loud boom, which she initially thought was a auto crash. As you'd imagine, there's been all kinds of video of the plane crash and the subsequent wreckage posted to social media.

Over 500 firefighters battle northern Arizona blaze
Over 150 firefighters worked the fire Wednesday night and made a line to keep the fire from crossing into the small town of Mayer. Firefighters in Washington State were battling three fires near Wenatchee that had grown to about 37 square miles (95 square km).

Russian Federation assumes Trump, Putin will meet at G20 summit: Lavrov
The White House confirmed that the two leaders would huddle on the sidelines of the G20 summit in the northern German city. Donald Trump will meet with Russian President Vladimir Putin at next week's G20 summit.

Federal Bureau of Investigation finds vehicle tied to U of I scholar's disappearance
The 26-year-old agricultural sciences student was about six weeks into her studies when she went missing at the University of IL . University police said Zhang had just gotten off a bus before the four-door hatchback approached her.