Wanda Hotel shares soar on US$1b deals

New Straits Times - - Business -

Shares in Wanda Hotel, a Hong Kong-listed arm of trou­bled Chi­nese con­glom­er­ate Dalian Wanda, soared yes­ter­day af­ter it an­nounced plans to buy more than US$1 bil­lion (RM4.29 bil­lion) in as­sets from firms con­trolled by group chair­man Wang Jian­lin. The ma­jor re­struc­tur­ing plan will see Wanda Hotel Devel­op­ment ac­quire Wanda Travel — which is fo­cused on theme parks — for 6.3 bil­lion yuan (RM4.03 bil­lion), and Wanda Hotel Man­age­ment for 750 mil­lion yuan.

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