Wanda Group Official Statement


In July 2017, Wanda and Sunac signed a deal involving 13 Wanda Cities. The deal stipulated that after the purchase, Wanda Cities names would remain unchanged and the projects would still be designed, built and managed by Wanda Group. It is discovered in actual implementation that this model creates a number of inconveniences. Consistency in project planning, construction, operation and management and investment is more beneficial for the development of the projects. 


After friendly negotiations between the two parties, Sunac will provide funds to purchase Wanda Culture Travel Innovation Group and design, construction and management companies of 13 cultural tourism projects. Wanda will use all resources and spare no effort to support the purchase of the Wanda City projects that have not yet opened and ensure smooth opening and operation. 


Wanda has always been optimistic about the development prospects of the Chinese cultural tourism industry. In the future, Wanda will continue to invest in cultural tourism sector and retain core cultural tourism teams. Wanda will reorganize Cultural Tourism Planning and Research Institute, the Cultural Tourism Construction Center and the Cultural Tourism Management Company.


In the future, Wanda will adhere to a guideline of developing both asset-heavy and asset-light businesses. Wanda will continue investing in a number of Cultural Tourism City projects that are being negotiated. Among thoseasset-light Wanda City projects will select a number of investors including Sunac. 



 October 29, 2018

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