China's 3rd richest man to sell firm's hotels for â¹60,000 cr
Dalian Wanda, founded by China's third richest man Wang Jianlin, has said it will sell 76 hotels and 91% of 13 tourism projects to Sunac for $9.3 billion (over â¹60,000 crore). The sale, reportedly the second biggest real estate deal ever in China, will be used to reduce Wanda's debt. Following the announcement, Wanda Hotel Development's shares spiked by 150%.