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Wanda, University of Pittsburg Medical Centre formalise deal for US$870 million hospital in Chengdu

Chinese conglomerate Dalian Wanda Group said on Wednesday it had formally signed an operational agreement to develop a high-end hospital in partnership with the University of Pittsburg Medical Centre in Chengdu, in China’s southwestern Sichuan province.Construction work on the 6 billion yuan (US$870.85 million) project started late last year, and it is part of a framework agreement with the US health care provider for the development of general hospitals in five top-tier Chinese cities. A… Source link

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Property mogul Wang Jianlin’s Wanda Group to invest US$11.7b in world-class tourism project in rust-belt city of Shenyang

Wanda Group, the profligate Chinese conglomerate that is halfway through a massive debt-shedding exercise, has unveiled one of the largest ever investments in the northeastern Chinese city of Shenyang totalling 80 billion yuan (US$11.7 billion).The property-to-entertainment conglomerate controlled by tycoon Wang Jianlin said on Wednesday that the new investment will go towards building a “world-class” cultural tourism project, an international hospital, an international school and five Wanda… Source link

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China 

Having dumped US$25 billion in assets, Wanda still about halfway through cutting its debt burden

Dalian Wanda Group has gone through a severe slimming exercise ever since it was placed on a watch list by Chinese regulators in April 2017 – for highly leveraged acquisitions around the world – as part of a government drive to crack down on debt and prevent private-sector borrowings from hurting China’s financial system.Other companies on the watch list include Anbang Group, HNA Group, Fosun Group and CEFC China.Wanda, the flagship of Wang Jianlin, China’s wealthiest man, is not halfway… Source link

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Money 

Wanda to build a US$1.74 billion theme park in the cradle of the Chinese Communist revolution to cash in on ‘red tourism’

Wanda Group, the property and theme park conglomerate built by former People’s Liberation Army officer Wang Jianlin, will spend 12 billion yuan (US$1.74 billion to build a theme park in the Communist Party’s revolutionary birthplace Yan’an to cash in on the growing trend of so-called “red tourism”. The theme park, in the loess plateau of Shaanxi province near Gansu and Shanxi, will feature shopping malls, indoor parks, theatres and hotels built in the style of the 1930s when the prefectural city was used as the headquarters of the Communist Party.…

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After a lot of confusion, Wanda finally confirms sale of two units to Sunac China for US$900m

Wanda Group on Monday confirmed that it has agreed to sell two of its tourism units to Sunac China for 6.28 billion yuan (US$902 million), after denying an earlier report. The agreement came after “friendly negotiations” with Sunac, a statement posted on Wanda’s website said. Wand also agreed to unwind a separate hotel management deal with Sunac as part of this transaction. A separate filing by Sunac to Hong Kong’s bourse late on Monday said the purchase of 75 per cent of Chengdu Wanda Theme Cultural and Tourism Management and…

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