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Published on : Friday, July 14, 2017
Sunac China Holdings Limited (HKEX: 1918) is regarded as one of the premier residential property developers based in China (FXI) (YINN). In the last few months, Sunac China was keen on exploring on opportunities other than residential property to push growth. Sunac expended $16 billion across 10 acquisitions approximately which includes a $2.2 billion yuan capital injection into the Chinese media running into shortage of money and tech company LeEco in January in the last 6 months. The company wanted to find out ways to branch out beyond property developing into other sectors like healthcare, finance, and natural resources.
With an intention to spend beyond residential real estate, billionaire Sun Hongbin’s Sunac China Holdings (HKEX: 1918) is trying hands on hotel and tourism business. As per a statement published by the company on Tuesday, July 11, a $9.3 billion deal has been signed with the Dalian Wanda Group (DWNDF) (SSE: 0489737D), which would “add a large number of prime land reserves and property assets for the company at a reasonable cost.” Ever since 2016, plenty of news is doing the rounds about the developer’s buying spree. Nonetheless, the Dalian Wanda acquisition has been identified as the second-largest real estate deal ever in China calls for a deeper introspection. Certainly, the shares of Sunac China have expressed rejoicement over the news of the hotel and tourism property acquisition from Dalian Wanda.