• Weather
  • Traffic
Loading...
Loading...
Loading...
Other editions
Economics

China's Wanda to sell off $9.3 bn in assets to rein in debt

The Chinese conglomerate is under government financial scrutiny.

10.07.2017

(AFP) Chinese conglomerate Wanda said Monday it will sell dozens of hotels and other projects to developer Sunac China Holdings in a $9.3 billion (€8.2 billion) deal to reduce debt, two weeks after acknowledging it was under government financial scrutiny following heavy overseas investments.

Wanda, headed by one of China's richest men, Wang Jianlin, had been one of the most acquisitive companies in a flood of Chinese money overseas that raised official concerns over "irrational" investments.

To keep reading
please sign up for free!

Already have an account? Sign in here.

Please ignore this field unless you have been given a voucher code by your employer. If you are a corporate client, please enter your voucher code below.