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China developer Sunac explores sale of tourism assets

11/16/2021| 6:08:57 PM|

It acquired the assets, which include hotels, resorts and amusement parks, over the past four years for about RMB 65 billion.

Sunac China Holdings Ltd. plans to sell its vast culture and tourism business, according to people familiar with the matter, the latest developer seeking to offload assets during an industrywide liquidity crunch. 

The Beijing-based company has approached some potential buyers of the unit, though talks are at an early stage and subject to change, said the people, who asked not to be identified discussing private matters. It acquired the assets, which include hotels, resorts and amusement parks, over the past four years for about RMB 65 billion (USD 10 billion). 

Sunac didn’t immediately reply to a request for comment.

Sunac sold the property management arm of the tourism business to its own listed service provider for RMB 1.8 billion earlier last week. 

Despite being closed for a few months last year during the worst of the coronavirus outbreak, Sunac saw a 36% jump in revenue and 311% surge in operating income for the culture and tourism business last year, according to its annual report. 

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TAGS: Sunac | tourism asset
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