Photographer: Tomohiro Ohsumi/Bloomberg

Wanda Says It Plans to Announce Sale, Not Purchase, of Something

  • Hotel operator corrects statement on halt in trading of shares
  • Chinese-language filing on ‘substantial acquisition’ was wrong

Wanda Hotel Development Co. corrected a statement on a planned sale of assets that last week had appeared to contradict an English-language version of an announcement at the unit of billionaire Wang Jianlin’s property-to-entertainment conglomerate.

The Chinese-language announcement of a pending acquisition was mistaken and should have referred to a “very substantial disposal," the hotel unit said in a Hong Kong stock exchange filing Monday, citing a translation error. The announcement was to explain why trading in shares of the company was halted.

The group, facing intensified regulatory scrutiny over what authorities called “irrational” overseas investments, is close to reaching an agreement to sell two Australian luxury property projects -- one in Sydney and one on the nation’s Gold Coast, according to people familiar with the matter. Wang has been pruning his empire and exiting planned deals after years of paying up for film studios and exhibitors while building theme parks and luxury hotels in a bid to overtake Walt Disney Co. as the world’s largest entertainment company.

— With assistance by Jing Yang De Morel

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