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NEWS
Wanda lending Sunac US$4.3bn to finance theme park and hotel purchase
POSTED 13 Jul 2017 . BY Tom Anstey
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.

According to The Wall Street Journal, Wanda is helping Sunac to finance nearly half of the deal, with the three-year loan making use of Wanda’s higher credit rating, reducing final costs to Sunac by an estimated CN¥678m (US$100m, €87.6m, £77.3m).

“[Wanda] shall procure for a loan in the total amount of CN¥29.6bn to be advanced to [Sunac] through [a] designated bank with a term of three years at the bank’s three-year benchmark interest rate,” said the filing.

The Wanda sale has been carried out to facilitate a reduction of company debt as it prepares for a mainland listing after delisting from Hong Kong last year, but the loan deal means its debt has not been cut as significantly as previously thought.

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.

The deal includes 13 of Wanda’s cultural tourism projects, mainly comprising theme parks and leisure complexes, as well as 76 hotels, which have also been acquired by the Tianjin-based Sunac. The Wanda City deal is worth CN¥29.58bn (US$4.35bn, €3.81bn, £3.38bn), while the hotels acquisition is worth CN¥33.6bn (US$4.94bn, €4.33bn, £3.84bn).
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AM2.jobs - Attractions Jobs & News
Attractions Management Magazine


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NEWS
Wanda lending Sunac US$4.3bn to finance theme park and hotel purchase
POSTED 13 Jul 2017 . BY Tom Anstey
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.

According to The Wall Street Journal, Wanda is helping Sunac to finance nearly half of the deal, with the three-year loan making use of Wanda’s higher credit rating, reducing final costs to Sunac by an estimated CN¥678m (US$100m, €87.6m, £77.3m).

“[Wanda] shall procure for a loan in the total amount of CN¥29.6bn to be advanced to [Sunac] through [a] designated bank with a term of three years at the bank’s three-year benchmark interest rate,” said the filing.

The Wanda sale has been carried out to facilitate a reduction of company debt as it prepares for a mainland listing after delisting from Hong Kong last year, but the loan deal means its debt has not been cut as significantly as previously thought.

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.

The deal includes 13 of Wanda’s cultural tourism projects, mainly comprising theme parks and leisure complexes, as well as 76 hotels, which have also been acquired by the Tianjin-based Sunac. The Wanda City deal is worth CN¥29.58bn (US$4.35bn, €3.81bn, £3.38bn), while the hotels acquisition is worth CN¥33.6bn (US$4.94bn, €4.33bn, £3.84bn).
MORE NEWS
MVRDV win competition for Shanghai Future Park showcasing nature, culture and entertainment
Dutch architects MVRDV are have announced a large-scale leisure project in Shanghai that will see the firm meld nature, culture and entertainment in a huge public park.
Adjaye Associates collaborate with former spy chiefs to design New York museum dedicated to espionage
Adjaye Associates have revealed their design for a new spy museum and interactive experience in the heart of New York, which is set to open this December.
IAAPA supporting Give Kids the World at 2017 expo
Give Kids the World Village – a cost-free resort for children with life threatening illnesses – will enter its 22nd year in partnership with IAAPA at the organisation’s annual expo, with a number of initiatives and events lined up for this year’s show.
Merlin planning global rollout for Bear Grylls attractions, says Varney
After announcing its intention to develop a Bear Grylls attraction in the UK, Merlin CEO Nick Varney has revealed further plans for the adventure survivalist, with plans to take the concept overseas in a major attraction rollout.
More news>
LATEST JOBS
Chef Manager
Marwell Wildlife
Salary: Competitive
Location: Winchester, United Kingdom
National Manager - Programmes and Events
The Wildfowl and Wetlands Trust
Salary: Up to £30,000 pa
Location: Slimbridge, United Kingdom
Operations Manager
The National Museum of the Royal Navy
Salary: £26,000 - £31,000
Location: Portsmouth, United Kingdom
Executive Assistant
Legoland
Salary: Competitive
Location: Carlsbad, CA, United States
Retail Director
Legoland
Salary: Competitive
Location: Carlsbad, CA, United States
Duty Manager
Madame Tussauds
Salary: Competitive
Location: Hollywood, Los Angeles, CA, United States



 
 
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Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2017

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NEWS
Wanda lending Sunac US$4.3bn to finance theme park and hotel purchase
POSTED 13 Jul 2017 . BY Tom Anstey
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.

According to The Wall Street Journal, Wanda is helping Sunac to finance nearly half of the deal, with the three-year loan making use of Wanda’s higher credit rating, reducing final costs to Sunac by an estimated CN¥678m (US$100m, €87.6m, £77.3m).

“[Wanda] shall procure for a loan in the total amount of CN¥29.6bn to be advanced to [Sunac] through [a] designated bank with a term of three years at the bank’s three-year benchmark interest rate,” said the filing.

The Wanda sale has been carried out to facilitate a reduction of company debt as it prepares for a mainland listing after delisting from Hong Kong last year, but the loan deal means its debt has not been cut as significantly as previously thought.

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.

The deal includes 13 of Wanda’s cultural tourism projects, mainly comprising theme parks and leisure complexes, as well as 76 hotels, which have also been acquired by the Tianjin-based Sunac. The Wanda City deal is worth CN¥29.58bn (US$4.35bn, €3.81bn, £3.38bn), while the hotels acquisition is worth CN¥33.6bn (US$4.94bn, €4.33bn, £3.84bn).
 


ADVERTISE . CONTACT US

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

©Cybertrek 2017

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS