Shares jump 36% for major Chinese conglomerate unit on news of $1 billion deal

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Wanda Hotel Development, a unit of Chinese conglomerate Dalian Wanda Group led by Wang Jianlin, said it would buy assets worth over 7 billion yuan ($1.
05 billion) from Wang-controlled companies as part of a restructuring.
Shares of Wanda Hotel jumped as much as 36 percent on the deal, although those gains were moderated in later trading.
The Hong Kong-listed company said it would buy the entire equity interest in theme park operator Wanda Culture Travel Innovation Group from Wang`s Beijing Wanda Culture Industry Group for 6.
The deal would be settled either in cash or through the issue of shares or convertible bonds, it added.
It will also buy hotel operator Wanda Hotel Management (Hong Kong) from Wang`s Dalian Wanda Commercial Properties for 750 million yuan in cash, it said in a filing to the Hong Kong bourse late on Wednesday.
Wanda Hotel said it would then sell its interest in Wanda Properties Investment, Wanda International Real Estate Investment, Wanda Americas Real Estate Investment and Wanda Australia Real Estate to Wang`s Dalian Wanda Commercial for an amount that is yet to be fixed.
It gave no further details.

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