DALIAN Wanda Group sold one of China’s largest ski resorts to another conglomerate in June, online news website The Paper reported, although it did not give a deal value for the site billed by Wanda as a US$3-billion investment project. The report follows several large asset sales this year by the Wanda group, which is led by billionaire founder Wang Jianlin. Wanda and some other high-profile Chinese conglomerates have also had to scale back their ambitions in the wake of government curbs on large acquisitions overseas not seen as strategic. Control of the Changbaishan International Resort in northern China was transferred to the Dalian Yifang Group on June 16, The Paper reported yesterday, citing the resort’s registry. It added that Wanda retained the management and operational rights to the resort. It has previously described the 21-square-kilometer resort as a 20-billion-yuan (US$3 billion) investment project — its first tourism project and China’s largest ski resort. Wanda announced plans this year to sell most of its tourism projects and hotels in China to Sunac China Holdings and Guangzhou R&F Properties Co. for about US$9 billion. Dalian Yifang, chaired by Sun Xishuang, is a close business partner of Wanda in many onshore and offshore projects, according to The Paper.(SD-Agencies) |