Among the noteworthy deals of the past week is
Dalian Wanda Group’s sale of the Wanda Reign on the Bund in Shanghai to Singapore’s
Pacific Eagle Real Estate, controlled by Indonesian billionaire Sukanto Tanoto.
Cash-hungry The Dalian Wanda Group has sold the 193-room
Shanghai Wanda Reign luxury hotel located in Shanghai’s famed Bund for a reported
price of between 1.44 billion and 1.7 billion yuan (US$204 million to US$240
million).
The major Chinese conglomerate and the country’s largest shopping
mall operator sold the hotel to the Singapore-based company of Indonesian pulp
and paper billionaire Sukanto Tanoto. Wanda Reign will be Pacific Eagle’s
second hotel investment after the 304-room Mondrian Duxton Singapore, which
opened last July.
According to published reports, Wanda had invested
approximately RMB3.4 billion in the hotel’s site since it opened in 2016.
To download our list of deals from the past week in Excel format, click here.