Sunac raising funds after buying Wanda’s tourism projects
July 31, 2017 Category Real estate, Weekly
Sunac China, one of the country’s most indebted developers, is raising up to HKD4.2 billion in a share placement after it agreed to buy Dalian Wanda Group’s tourism projects for CNY43.8 billion last week. The China Banking Regulatory Commission (CBRC) on June 20 verbally instructed large banks to cut off funding for six of Wanda’s overseas purchases including U.S. movie maker Legendary Entertainment. The Wanda deal brought Sunac’s total spending to CNY110 billion in the past six months, including a CNY15 billion capital injection into cash-strapped LeEco Group. Sunac’s net-debt-to-equity ratio surged to 208% at the end of 2016, from 75% in 2015.
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