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China's Guangzhou R&F to exclude one hotel in agreed deal with Wanda
November 23, 2017 / 9:55 AM / 22 days ago

China's Guangzhou R&F to exclude one hotel in agreed deal with Wanda

HONG KONG (Reuters) - Chinese developer Guangzhou R&F Properties (2777.HK) said on Thursday it will exclude one hotel in the deal with conglomerate Dalian Wanda Group, decreasing the number of hotels to be purchased to 76.

A sign of Dalian Wanda Group in China glows during an event in Beijing, China March 21, 2016. REUTERS/Damir Sagolj

The total consideration will now be 18.96 billion yuan ($2.88 billion), compared with 19.2 billion yuan previously.

Wanda, which was under capital pressure amid Beijing’s crackdown on showy overseas investment, announced in July it would sell 77 hotels in China to R&F, and a total of 91 percent equity in 13 tourism projects to Sunac China (1918.HK) for 43.8 billion yuan.

    R&F did not give a reason for the change.

    “The directors consider that the amendments to the terms of the acquisition as disclosed in this announcement do not constitute any material change to the terms of the Agreement and the First Supplemental Agreement,” the company said in a filing.

    ($1 = 6.5834 Chinese yuan)

    Reporting by Clare Jim; Editing by Biju Dwarakanath

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