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Wanda Group chairman Wang Jianlin

Yet another surprise twist in the Wanda story, as R&F Properties are reported to be interested in buying the Chinese company’s hotel businesses.

Last week there was a shock announcement that Sunac China would be buying Wanda’s theme park and hotel businesses for $9.3 billion, with the help of a loan from the seller, in what will be China’s biggest property deal.

It now seems that Guangzhou-based property developer R&F Properties will be buying Wanda’s hotels.

The massive valuations involved in the mega deal also seem to be shifting somewhat.  Whereas Sunac had agreed to pay RMB 33.595 billion ($5bn) for 76 of Wanda’s Chinese hotels, R&F will pay RMB 19.906 billion ($3bn) for 77 Wanda hotels.

Meanwhile Sunac will now pay RMB 43.844 billion ($6.5bn) for a 91 percent stake in Wanda’s 13 theme parks which were previously valued at RMB 29.575 billion ($4.4bn)

The overall value of the sale is now $9.5 billion, slightly up from the $9.3 billion previously reported.

It seems that Sunac will no longer borrow from Wanda to complete the deal.  Sunac chairman Sun Hongbin has said his company has sufficient cash in hand – RMB 90 billion ($13.32bn) – to complete the purchase without a loan.

At a press conference Wanda Chairman Wang Jianlin’s revealed that the theme-park arm of the company is more than RMB 45.4 billion ($6.73 billion) in debt, which will be transferred to Sunac.

Yesterday it was revealed that the Chinese authorities have instructed banks to cut off funding for six key foreign investments made by billionaire Wang Jianlin’s Wanda Group following scrutiny of the deals.

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