Wanda Hotel shares soar on US$1b deals

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.