China`s Dalian Wanda said in a statement that it will sell 76 hotels and 13 cultural and tourism tourism projects to Sunac, a Tianjin-based property developer for 63.
The transaction will enable the two companies to play to their advantages, the statement added.
The property-to-entertainment group said it will sell 76 of its hotels in China to Sunac for 33.94 billion) and 91 percent of its stake in 13 cultural and tourism projects for 29.
Shares of Wanda Hotel Development spiked triple digits percent on the news.
The Wanda hotels to be sold include Beijing Wanda Hotel.
Sunac shares in in Hong Kong were suspended from trade on Monday ahead of an announcement of a "substantial acquisition."
Controlled by one of China`s richest men, Wang Jianlin, Dalian Wanda is reportedly one of several large overseas assets buyers that China`s banking regulatory is probing. It is China`s largest commercial property developer.
Sunac meanwhile is also one of China`s largest developers. Founded by billionaire Sun Hongbin, the company has expanded quickly to more than 44 cities in 2016 from four in 2011, according to Bloomberg. Sunac has already made 14 acquisitions this year, excluding the latest one, the news agency added.
Sunac was in the spotlight recently for its $2.2 billion investment into cash-strapped tech company, LeEco, announced in January.
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