Dalian Wanda altered a deal with Sunac China announced a week ago, after banks scrutinized their credit risk, by bringing in another developer Guangzhou R&F Properties. In a joint announcement, Wanda said it would sell 77 hotels in China to Guangzhou R&F Properties for 19.9 billion yuan ($2.95 billion), and a total of 91% equity in 13 tourism projects to Sunac China for 43.8 billion yuan. Chinese banks have been told to stop providing funding for several of Wanda’s overseas acquisitions as Beijing tries to curb the conglomerate’s offshore buying spree. Sunac Chairman Sun Hongbin also confirmed to local media that banks had started reviewing the company after its deal with Wanda, and the company was in communication with the lenders, Reuters reports. The total price of the updated deal is around the same at 63.7 billion yuan, still the second-largest deal ever in China’s real estate industry.
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