Wanda sell-off set to take it closer to mainland relisting

Chinese mainland conglomerate Dalian Wanda Group signed a 63.18 billion yuan ($9.29 billion) deal on Monday to sell 13 cultural tourism projects and 76 hotels to property developer Sunac, a move that could shift its focus to asset-light business and bolster its vision of relisting in the Chinese mainland.

The property-to-entertainment group, which has come under the spotlight for its global acquisition spree, said in a joint statement that it will sell 91 percent of its stake in 13 tourism projects for 29.575 billion yuan, and 76 out of 102 hotels for 33.595 billion yuan.

Sunac, based in Tianjin and listed in Hong Kong, suspended trading of its shares before the market opened on Monday.