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BRIEF-Wanda Hotel Development enters framework agreement involving possible asset restructuring

Published 10/08/2017, 01:14 am
Updated 10/08/2017, 01:20 am
© Reuters.  BRIEF-Wanda Hotel Development enters framework agreement involving possible asset restructuring
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Aug 9 (Reuters) - Wanda Hotel Development Co Ltd 0169.HK

* Enters framework agreement involving possible asset restructuring with connected persons

* Entered framework agreement with Beijing Wanda Culture Industry and Dalian Wanda Commercial Properties

* Acquisition of entire equity interest In Wanda Culture Travel Innovation Group by group from Wanda Culture

* Acquisition for a consideration which is provisionally set at RMB6.3 billion

* Acquisition of entire equity interest in Wanda Hotel Management (Hong Kong) co by group from Dalian Wanda Commercial for RMB750 million

* To dispose interests in Wanda Properties Investment, Wanda International Real Estate Investment

* To dispose interests also in wanda americas real estate investment and wanda australia real estate

* Disposal of assets to Dalian Wanda Commercial

* Consideration for disposals is expected to be based on net asset value of project companies

* Says disposal of equity interest in Wanda Australia Real Estate Co, being holding co of group's projects in Sydney and Gold Coast

* Company has applied for a resumption of trading in shares with effect from 9:00 a.m. On 10 August 2017

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