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Dalian Wanda Group, has sold its luxury hotel in Shanghai to Indonesian billionaire Sukanto Tanoto as it looks to avert a liquidity crisis. The acquisition price was undisclosed, however, according to the market sources, the deal price of the transaction was between RMB 1.4-1.7bn ($204-234mn). According to the media sources, post the sale, the Wanda brand will be retained and the hotel will continue to be managed by Dalian Wanda’s hotel division. Wanda has been selling its assets to fulfill its debt obligations, like sale of film unit and mall unit in December, after it sought extension of its dollar bonds in November.
Wanda’s dollar bonds continue to trade stable with its 11% 2026s at 63.6 cents on the dollar.
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