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Dalian Wanda to sell 76 hotels to Sunac China in $9.3 billion deal

Bloomberg News

The Dalian Hilton Hotel stands at the Dalian Wanda Center in Dalian, China.

Dalian Wanda Group Co. will sell hotels and cultural and tourism projects to Chinese developer Sunac China Holdings Ltd. for $9.3 billion, the two companies said Monday. Sunac China 1918, -6.92%  , which is based in Tianjin, will acquire 76 hotels from Wanda for 33.6 billion yuan and it will also buy a 91% stake in 13 cultural and tourism projects. Trading of Sunac China was halted in Hong Kong on Monday pending an announcement related to a “very substantial acquisition.” Dalian Wanda is known in China primarily as a developer of commercial property. But in recent years, it has become an aggressive buyer of overseas entertainment assets.

An expanded version of this report appears on WSJ.com.