Cash-starved Chinese property group Dalian Wanda sells Shanghai luxury hotel to Indonesian billionaire
- The Dalian Wanda Group offloaded the 193-room Shanghai Wanda Reign luxury hotel, located in Shanghai’s famed Bund for an undisclosed sum
- Media reports said the transaction took place at a price of between 1.44 billion and 1.66 billion yuan (US$204 million to US$234 million).
The 193-room luxury hotel, opened in June 2016, is located in Shanghai’s famed Bund waterfront and was acquired last month by Singapore-based Pacific Eagle Real Estate, the property investment and development arm of Tanoto’s conglomerate, RGE Group.
“As a long-term investor, Pacific Eagle Real Estate is acquiring Shanghai Wanda Reign on the Bund Hotel for capital preservation,” a Pacific Eagle Real Estate spokesperson said.
While the acquisition price was undisclosed, media outlet Mingtiandi quoted market sources saying it had changed hands at a price of between 1.44 billion and 1.66 billion yuan (US$204 million and US$234 million).
The Wanda brand will be retained following the sale, and the hotel will continue to be managed by Dalian Wanda’s hotel division, according to local media.