Second buyer joins Wanda deal as group restructures multi-billion theme park and hotel sale | attractionsmanagement.com news
POST YOUR JOB ONLINE
Free ezine/digital edition sign up
Jobs . News . Features . Video . Products . Magazine . Handbook . Advertise . Contact us  
NEWS
Second buyer joins Wanda deal as group restructures multi-billion theme park and hotel sale
POSTED 20 Jul 2017 . BY Tom Anstey
Following a shock move by Wanda to first sell off the majority of its theme park and hotel portfolio and then loan its purchaser billions of dollars to finance the deal, the landmark property deal has taken another twist, with the addition of a second buyer to the sale.

Wanda took a step back from its plan to become the world’s largest tourism entity earlier this month, announcing the sale of 91 per cent of its physical assets to property developer Sunac China Holdings in a deal worth CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn). Following the announcement, it emerged that Wanda was part-financing its own sale, lending the buyer CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to push the deal through.

The terms of sale have now been changed, with Guangzhou-based R&F Properties acquiring Wanda’s portfolio of 77 hotels instead of Sunac. As a result the sale price of Wanda’s parks portfolio increases from CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to CN¥43.8bn (US$6.47bn, €5.62bn, £4.99bn), while its hotel sale lowers from CN¥33.6bn (US$4.94bn, €4.33bn, £3.84bn) to CN¥19.9bn (US$2.93bn, €2.55bn, £2.27bn). Wanda will also no longer arrange vendor financing to assist Sunac with its purchase. The total value of the transaction will now be CN¥63.75bn (US$9.41bn, €8.18bn, £7.26bn).

“This cooperation not only coincides with Wanda’s transformation strategy, but also provides Sunac with favorable conditions and the chance to realise professional and scaled development in the field of cultural tourism, while the hotel business is also advantageous for R&F.” said a joint statement from the three groups.

“We believe that Sunac and Wanda will establish more and better cooperation in cultural tourism, healthcare and other fields, and that Sunac will have in-depth strategic cooperation with Wanda in such fields as film and other areas.”

As part of Wanda’s grand tourism plan, the group says it will build at least 20 cultural tourism enterprises across China, with the company stating that even with its new asset-light strategy “projects will continue to be developed according to the plans and their contents approved by the government”.

Wanda's heavy investment in entertainment, tourism and financial ventures has attracted the attention of Chinese regulators, who last month ordered lenders to assess exposures to overseas deals by four companies, including Wanda, HNA Group, Anbang Insurance and Fosun.

Since the deal was announced, documents have emerged online that reportedly show the Chinese government ordering its banks to cease lending with Wanda on six of its overseas acquisitions. The operator has yet to comment on the move but the effects of the government clamp down have already been seen, after the multi-armed company pulled out of a US$1bn (€869m, £771m) deal earlier this year to purchase the Golden Globe TV and film awards. Wanda also has a controlling stake in films studio Legendary Entertainment and purchased US cinema operator AMC Entertainment in 2016.

Wanda’s massive theme park expansion – three of which opened within the last year – had originally been developed to compete with Disney's attractions portfolio, with Wanda chair Wang Jianlin boldly declaring that Disney’s “one tiger” was no match for Wanda’s “pack of wolves.”
RELATED STORIES
Wanda lending Sunac US$4.3bn to finance theme park and hotel purchase


Following a huge CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn) property deal in a sell-off of Wanda’s tourism assets last week, it has now emerged that the company is actually part- financing its own sale, lending CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to Sunac China Holdings – the property developer taking control of Wanda’s theme park and hotel portfolio.
Wanda 'wolf pack' dwindles following US$9.3bn property deal


After spending a number of years rapidly developing its tourism assets across China in an attempt to become the world’s largest tourism entity, Wanda has taken a step back by selling 91 per cent of its physical assets in a deal worth CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn).
MORE NEWS
Airbnb teams up with 23andMe to promote DNA-based heritage travel
Online travel marketplace Airbnb has teamed up with genetic testing company 23andMe to make the finding of heritage travel experiences based on DNA tests simpler.
Disney-backed Tyffon raises US$7.8m with plans to expand free-roam VR experiences into US
Immersive entertainment company Tyffon has successfully raised new funding to help it expand its Tyffonium "free roam" virtual reality location-based experiences outside of Japan.
Major expansion for Dubai's Atlantis Aquaventure with host of new water rides to open in 2020
Dubai's Atlantis Aquaventure waterpark has a major expansion on the cards, with plans to open a dozen new rides in the middle of 2020.
Aquarium of the Pacific envisions the future of ocean life with biomorphic expansion
The long-anticipated Pacific Visions wing at the Aquarium of the Pacific in Long Beach, California, is set to open to the public on 24 May.
+ More news   
LATEST JOBS
Interpretation and Engagement Manager
Chatsworth House
Salary: Competitive
Job location: Bakewell, UK
Children's Garden Hosts
Royal Botanic Gardens Kew
Salary: £18,589 per annum pro rata
Job location: Richmond, UK
Senior Aquarist
Sea Life
Salary: Competitive
Job location: Mooloolaba QLD, Australia
Commercial Team Lead
Legoland Discovery Centre
Salary: Competitive
Job location: Auburn Hills, Michigan, USA
Commercial Duty Manager
Sea Life
Salary: Competitive
Job location: Grapevine, Texas, USA
Seasonal Operations Trainer
Legoland Discovery Centre
Salary: Competitive
Job location: Yonkers, NY, USA
+ More jobs  

COMPANY PROFILE
Alterface

Alterface’s Creative Division team is seasoned in concept and ride development, as well as [more...]
+ More profiles  
FEATURED SUPPLIER

Troostwijk to host online auction for trackless trains and fun cars
Troostwijk Auctions is hosting an online auction of trackless trains and fun cars [more...]
VIDEO GALLERY

Simworx - The power to move you…
Simworx is acknowledged as one of the world’s leaders in the supply of 4D Effects Cinemas and Motion Simulation Attractions. Find out more...
More videos:
Red Raion - VR/5D Films Showreel 2016 – Red Raion
Introducing AnimaChat! – Animalive
Online Print Made Easy! – instantprint
+ More videos  

CATALOGUE GALLERY
 

+ More catalogues  
ATTRACTIONS DIRECTORY
+ More directory  
ATTRACTIONS DIARY

06 Jun 2019

Swiss Medical Spa & Hospitality Think Tank 2019

Campus Passugg, SSTH, 7062 Passugg, Switzerland
11-14 Jun 2019

IAAPA Expo Asia 2019

Shanghai New International Expo Center, Shanghai, China
+ More diary  
LATEST ISSUES
+ View Magazine Archive

Attractions Management

2019 issue 1


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 4


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 3


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management

2018 issue 2


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription

Attractions Management News

15 May 2019 issue 130


View on turning pages
Download PDF
View archive
FREE digital subscription
Print subscription

Attractions Handbook

2019


View issue contents
View on turning pages
Download PDF
FREE digital subscription
Print subscription
 
ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
 
ATTRACTIONS MANAGEMENT
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS
ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019
Jobs . News . Products . Magazine
NEWS
Second buyer joins Wanda deal as group restructures multi-billion theme park and hotel sale
POSTED 20 Jul 2017 . BY Tom Anstey
Following a shock move by Wanda to first sell off the majority of its theme park and hotel portfolio and then loan its purchaser billions of dollars to finance the deal, the landmark property deal has taken another twist, with the addition of a second buyer to the sale.

Wanda took a step back from its plan to become the world’s largest tourism entity earlier this month, announcing the sale of 91 per cent of its physical assets to property developer Sunac China Holdings in a deal worth CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn). Following the announcement, it emerged that Wanda was part-financing its own sale, lending the buyer CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to push the deal through.

The terms of sale have now been changed, with Guangzhou-based R&F Properties acquiring Wanda’s portfolio of 77 hotels instead of Sunac. As a result the sale price of Wanda’s parks portfolio increases from CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to CN¥43.8bn (US$6.47bn, €5.62bn, £4.99bn), while its hotel sale lowers from CN¥33.6bn (US$4.94bn, €4.33bn, £3.84bn) to CN¥19.9bn (US$2.93bn, €2.55bn, £2.27bn). Wanda will also no longer arrange vendor financing to assist Sunac with its purchase. The total value of the transaction will now be CN¥63.75bn (US$9.41bn, €8.18bn, £7.26bn).

“This cooperation not only coincides with Wanda’s transformation strategy, but also provides Sunac with favorable conditions and the chance to realise professional and scaled development in the field of cultural tourism, while the hotel business is also advantageous for R&F.” said a joint statement from the three groups.

“We believe that Sunac and Wanda will establish more and better cooperation in cultural tourism, healthcare and other fields, and that Sunac will have in-depth strategic cooperation with Wanda in such fields as film and other areas.”

As part of Wanda’s grand tourism plan, the group says it will build at least 20 cultural tourism enterprises across China, with the company stating that even with its new asset-light strategy “projects will continue to be developed according to the plans and their contents approved by the government”.

Wanda's heavy investment in entertainment, tourism and financial ventures has attracted the attention of Chinese regulators, who last month ordered lenders to assess exposures to overseas deals by four companies, including Wanda, HNA Group, Anbang Insurance and Fosun.

Since the deal was announced, documents have emerged online that reportedly show the Chinese government ordering its banks to cease lending with Wanda on six of its overseas acquisitions. The operator has yet to comment on the move but the effects of the government clamp down have already been seen, after the multi-armed company pulled out of a US$1bn (€869m, £771m) deal earlier this year to purchase the Golden Globe TV and film awards. Wanda also has a controlling stake in films studio Legendary Entertainment and purchased US cinema operator AMC Entertainment in 2016.

Wanda’s massive theme park expansion – three of which opened within the last year – had originally been developed to compete with Disney's attractions portfolio, with Wanda chair Wang Jianlin boldly declaring that Disney’s “one tiger” was no match for Wanda’s “pack of wolves.”
RELATED STORIES
Wanda lending Sunac US$4.3bn to finance theme park and hotel purchase


Following a huge CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn) property deal in a sell-off of Wanda’s tourism assets last week, it has now emerged that the company is actually part- financing its own sale, lending CN¥29.6bn (US$4.3bn, €3.76bn, £3.32bn) to Sunac China Holdings – the property developer taking control of Wanda’s theme park and hotel portfolio.
Wanda 'wolf pack' dwindles following US$9.3bn property deal


After spending a number of years rapidly developing its tourism assets across China in an attempt to become the world’s largest tourism entity, Wanda has taken a step back by selling 91 per cent of its physical assets in a deal worth CN¥63.18bn (US$9.3bn, €8.15bn, £7.22bn).
MORE NEWS
Airbnb teams up with 23andMe to promote DNA-based heritage travel
Online travel marketplace Airbnb has teamed up with genetic testing company 23andMe to make the finding of heritage travel experiences based on DNA tests simpler.
Disney-backed Tyffon raises US$7.8m with plans to expand free-roam VR experiences into US
Immersive entertainment company Tyffon has successfully raised new funding to help it expand its Tyffonium "free roam" virtual reality location-based experiences outside of Japan.
Major expansion for Dubai's Atlantis Aquaventure with host of new water rides to open in 2020
Dubai's Atlantis Aquaventure waterpark has a major expansion on the cards, with plans to open a dozen new rides in the middle of 2020.
Aquarium of the Pacific envisions the future of ocean life with biomorphic expansion
The long-anticipated Pacific Visions wing at the Aquarium of the Pacific in Long Beach, California, is set to open to the public on 24 May.
+ More news   
LATEST JOBS
Interpretation and Engagement Manager
Chatsworth House
Salary: Competitive
Job location: Bakewell, UK
Children's Garden Hosts
Royal Botanic Gardens Kew
Salary: £18,589 per annum pro rata
Job location: Richmond, UK
Senior Aquarist
Sea Life
Salary: Competitive
Job location: Mooloolaba QLD, Australia
Commercial Team Lead
Legoland Discovery Centre
Salary: Competitive
Job location: Auburn Hills, Michigan, USA
Commercial Duty Manager
Sea Life
Salary: Competitive
Job location: Grapevine, Texas, USA
Seasonal Operations Trainer
Legoland Discovery Centre
Salary: Competitive
Job location: Yonkers, NY, USA
+ More jobs  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2019

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
ATTRACTIONS MANAGEMENT NEWS
ATTRACTIONS HANDBOOK
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS