Did Wang Jianlin clear all the real estate projects in Chicago?

On July 30th, Wanda Hotel Development (00 169. HK) announced that its non-wholly-owned subsidiary Wanda Chicago Real Estate has sold 90% of the shares of Parcel C/D LLC to Magellan Parcel C/D LLC for US$ 270 million, and the loan owed by Parcel C LLC to Wanda Chicago will be repaid by capital injection. The sale is expected to raise about 94 million Hong Kong dollars. This project is Wang Jianlin's last overseas project, and Wang Jianlin has cleared all overseas real estate projects.

The Vista Tower project in Chicago was jointly developed by Wanda Hotel and Magellan Parcel C/D LLC on 20 14 * *. Before the transfer, Wanda Hotel and the buyer held 90% and 10% respectively. After the transfer, the Chicago project will be completely owned by Magellan Parcel C/D Co., Ltd.. It is estimated that the sale will bring 94 million Hong Kong dollars to the development of Wanda Hotel. Wanda Hotel Development said in the announcement that the sale of the project is in line with the company's strategy of deleveraging and improving cash flow. Now is a good opportunity to realize the sale of the Chicago project. As the Chicago project is still under construction, the sale will help reduce the company's current and future debts and strengthen the company's financial situation. In addition, Wanda Hotel Development will be able to focus its resources on the development of hotel management and operation services, hotel design, hotel construction management and related consulting services.

The sale project developed by Wanda Hotel is Vista Tower in Chicago, USA, with a planned total construction area of about176,000 square meters. It is planned to build a five-star hotel with a height of 350 meters and 93 floors above ground. It is estimated that there will be 193 rooms and high-grade apartments, which will become the third tallest building in Chicago and a new landmark in Chicago. Pre-sale of high-grade apartments began in September of 20 15, and by the end of February of 20 17, about 56% of the total saleable area had been pre-sold. At present, the main structure is under construction and is expected to be developed in 2020. At present, the friction between China and the United States has intensified, and the epidemic has caused the hotel industry to continue to slump. The benefits brought by the Chicago project are limited, and the debts due have increased. Wanda Hotel is the best choice to sell the Chicago project.

Investors also voted with their feet on the disposal of the Chicago project. Wanda Hotel rose immediately after the resumption of trading, with an intraday increase of nearly 90%, closing at over HK$ 0.33, up 24.5%, the biggest one-day increase in the year. The Vista Tower project in Chicago is Wang Jianlin's last overseas project. Since then, Wang Jianlin has cleared all overseas real estate projects.