Hoyts cinema chain sold to Chinese investor

Hoyts Group, Australia's second-largest cinema operator, said on Tuesday it has been sold to a Chinese billionaire with strong ties to the diversified conglomerate Dalian Wanda Group.

Hoyts, previously owned by Australian private equity firm Pacific Equity Partners, said that Sun Xishuang, ranked No 149 on Forbes magazine's China rich list, bought the group through his British Virgin Islands-based company, ID Leisure Ventures.

Financial terms of the sale were not disclosed but Australian media estimate the deal to be worth up to A$900 million ($731 million).