Wanda to sell hotels to R&F rather than to Sunac

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Dalian Wanda, R&F Properties, Sunac China hold a ceremony in Beijing to announce a trilateral property deal, July 19, 2017. [Photo/Sohu.com]

There has been a significant change to a multi-billion yuan real estate deal involving Dalian Wanda and Sunac China.

Sunac is no longer the buyer for the nearly 80 hotel properties that Wanda has been looking to offload. Instead, a new buyer has been found - Guanzhou-based property developer R&F.

Under the previous deal, Dalian Wanda had agreed to sell the hotels and a majority stake in 13 cultural and tourism projects to Sunac for a combined total of 63 billion yuan.

Now, Sunac will spend 43 billion yuan on the culture and tourism properties only, while R&F will spend 20 billion yuan on the hotels.

Fitch Ratings and Standard & Poor's put Sunac on negative credit watch following the announcement of the initial deal last week, as observers noted that Sunac would have had to borrow from Wanda in order to complete the transaction.

Wanda Chairman Wang Jianlin says no borrowing will be necessary under the revised plan. Wanda claims Sunac has already paid 15 billion yuan so far.

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