China’s Dalian Wanda sells 13 parks to Sunac for $900 million

Chinese real estate to technology company Dalian Wanda Group Co. announced it widened its retreat from tourism and entertainment by handing over the management of 13 theme parks that it sold to property developer Sunac China Holdings Ltd.

Sunac agreed to pay 6.28 billion yuan ($900 million) for several Wanda-affiliated companies to improve management efficiency.

Wanda is giving up the management rights after agreeing to sell a 91 percent stake in its cultural tourism projects across China to Sunac for $6.3 billion. Under the previous deal with Sunac, Wanda was to continue to operate the theme parks under a fee arrangement.

Wanda also said in the statement it would continue to invest in the culture and tourism industry. It has also sold its real estate projects in London and Australia, as well as minority stakes in U.S.-based movie theater company AMC Entertainment Holdings Inc. and Spanish soccer club Atletico Madrid.