China’s Dalian Wanda said in a statement that it will sell 76 hotels and 13 cultural and tourism tourism projects to Sunac, a Tianjin-based property developer for 63.18 billion yuan ($9.29 billion).

The property-to-entertainment group said it will sell 76 of its hotels in China to Sunac for 33.6 billion yuan ($4.94 billion) and 91 percent of its stake in 13 cultural and tourism projects for 29.58 billion yuan ($4.35 billion).

Shares of Wanda Hotel Development spiked triple digits percent on the news.

The Wanda hotels to be sold include Beijing Wanda Hotel.

Sunac shares in in Hong Kong were suspended from trade on Monday ahead of an announcement of a “substantial acquisition.”

Controlled by Chinese tycoon, Wang Jianlin, Dalian Wanda is reportedly one of several large overseas assets buyers that China’s banking regulatory is probing. It is China’s largest commercial property developer.

Source: cnbc china
Unit of Chinese mega-conglomerate rockets 115% after it unloads .3 billion in assets