Wanda offloads tourism assets

Sunac China Holdings Ltd, the Chinese mainland's fourth-largest developer by sales, said it will invest 6.28 billion yuan ($902 million) to acquire all the design, construction and management companies under Wanda Culture Travel Innovation Group, according to a statement released on Monday.

Wanda Group already sold Sunac a 91 percent stake in its 13 cultural and tourism projects for 43.84 billion yuan in July last year. The deal included shopping malls, amusement parks, hotels, film industrial parks, aquariums and bars.

At that time, the two sides agreed that the branding, content and operational management rights would remain with Wanda. The new agreement gives Sunac full control of the group and management rights.