Sunac China (01918) said it agreed to acquire from Dalian Wanda Commercial Properties Co., Ltd. 91% equity interest of 13 cultural and tourism project companies in the PRC at a total of Rmb43,844 million, up from Rmb29,575 million as previously stated.
The 13 cultural and tourism projects have a total gross floor area of about 58.97 million square metres comprising self-owned gross floor area of about 9.27 million square metres, and saleable gross floor area of about 49.70 million square metres, representing about 84% of the total gross floor area.
The 76 city hotels referred to in the previous framework agreement are no longer the target assets.
Guangzhou R&F Properties (02777) said it agreed to acquire from Dalian Wanda Commercial Properties 76 city hotels and a 70% interest in Yantai Wanda Vista Hotel at about Rmb19,906 million.
The 77 city hotels have total gross floor area of around 3.286 million square metres with 23,202 rooms in total. R&F Properties believes the acquisition is expected to enhance the Group's long-term assets and existing portfolio of hotel assets in the PRC.
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