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12 July 2017, 12:42 | Melanie Burgess
The group's owner is the second-richest man in China
It is China's largest-ever property deal, according to Bloomberg News, and will see Sunac (HKSE: 1918-OL.HK - news) buy 76 hotels outright and take a 91 percent stake in 13 other "cultural and tourism projects" within China, the companies said.
Sunac yesterday halted trading of its shares in Hong Kong pending an announcement of a "very substantial" acquisition, it said.
The developer closed 6.9 percent lower on Friday. Sunac China said in a filing to the Hong Kong bourse on Tuesday that the final payment of 29.57 billion yuan to complete the deal will be made within two days after it receives a loan worth 29.6 billion yuan, funded by Wanda.
Sunac invested in companies affiliated with the cash-strapped LeEco (樂視) empire, as Sun has said that he is seeking ways to expand beyond property into areas from healthcare to finance. Last August, Wanda signed a $9.3-billion co-development deal to build a sports-themed park in the city of Jinan, to include a 10,000-seat stadium, a mall, hotels, and other facilities.
With the latest deal, Sun targeted assets from fellow billionaire Wang Jianlin (王健林), who was among the most acquisitive Chinese tycoons up till a year ago.
After the deal, Wanda will still be responsible for the operation of the properties, and Sunac will pay an annual management consulting fee for 13 theme parks of 50 million yuan each to Wanda for a contract term of 20 years, according to the statement.
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