Wanda slid out of $3 billion ski resort investment as downhill run began
Wang's Dalian Wanda Commercial Properties quietly sold off its equity in the $3 billion Changbaishan International Resort in N. China to a close associate this past June, a recent report has revealed.
No financial terms have been announced for the equity transfer between the two firms, but according to an account by Chinese news site The Paper, virtually all of the 21 square kilometre resort in Jilin province is now owned by Dalian Yifang Group, a real estate developer chaired by Sun Xishuang, a billionaire business partner of Wanda chairman Wang Jianlin.
Wanda sells equity, continues to manage
Following the unannounced transaction, Yifang now holds a 98.33 percent stake in the resort, while Yonyou Network Technology Co holds the remaining 1.66 percent. Sun has also become the legal representative of the project company, taking over the title from Qi Jie, president of Dalian Wanda Commercial Properties.
After having invested some RMB 20 billion in the project, according to Wanda’s website, the conglomerate continues to operate the winter tourism destination after the ownership change.
Low-key billionaire takes control
Sun Xishuang, whose firm now owns over 98 percent of the resort, is also said to have collaborated with Wanda on the Xishuangbanna International Resort, a USD 2.5 billion project that opened in Yunnan province in 2015. The low-profile property baron was the second-largest individual shareholder in Wanda Commercial Properties – with a 6.3 percent stake – when the company was listed on the Hong Kong stock exchange in December 2014, according to reports.
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