July 11, 2017 / 12:17 AM / a year ago

Sunac China set to resume trade after $9.3 bln deal with Wanda

HONG KONG, July 11 (Reuters) - Shares of Sunac China Holdings Ltd will resume trade on Tuesday, a day after the acquisitive developer agreed to buy tourism projects and hotels from Chinese property giant Dalian Wanda Group for $9.3 billion.

Sunac’s shares, which have more than doubled in value this year, were suspended from trading on Monday ahead of news of the agreement, the second-biggest real estate deal ever in China, according to Reuters data. The companies are expected to sign an agreement by the end of this month.

The developer has a negative outlook from Moody’s, which said in April Sunac’s leverage had deteriorated significantly due to large amounts of debt it had raised to support acquisitions.

Reporting by Donny Kwok and Anne Marie Roantree; Editing by Stephen Coates

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