[The Epoch Times, November 01, 2024](Reported by Epoch Times reporter Xia Song) Since the explosion of China’s real estate industry, Wang Jianlin has continued to sell domestic and foreign assets. The latest news shows that Dalian Wanda Group sold Sunseeker International, a luxury yacht manufacturer it purchased for 320 million pounds 11 years ago, for 160 million pounds.
On November 1, Bloomberg quoted news that Dalian Wanda Group was selling luxury yacht manufacturer Sunseeker International Ltd. to Lionheart Capital and Orienta Capital Partners for a price of 160 million pounds, representing more than ten Wanda shares. About half of the purchase price a year ago.
The report said Wanda’s sale of Sunseeker International had been approved by regulators, but no specific terms were disclosed. Wanda, Lionheart Capital and Orienta Capital did not respond, and Sunseeker International declined to comment.
According to The Paper, Dalian Wanda Group spent 320 million pounds to acquire Sunseeker International in 2013. At that time, Wanda acquired 91.8% of Sunseeker International’s shares, and the remaining shares were purchased by Sunseeker International’s management at the same price as Wanda’s acquisition. After the merger was completed, Wanda retained Sunseeker International’s then-current management, production base in the UK and all employees.
In April this year, Wanda Group intended to sell Sunseeker International to Lionheart Capital, a company headquartered in the United States. At that time, the two parties had signed a sales and purchase agreement and only needed to wait for the approval of British regulatory agencies. It was expected to be completed as soon as May.
Sunseeker International is known as the “Rolls-Royce of the Sea”. The company was founded in 1968 and is the world’s top luxury yacht brand.
This is Wang Jianlin’s second sale of overseas assets after selling all his shares in Legendary Pictures.
Previously, on October 14, Legendary Entertainment announced that it had completed the repurchase of Dalian Wanda Group’s remaining equity in the film company and will be fully owned by Apollo Global Management, a global One of the leading private equity fund management companies headquartered in the United States.
Since the bursting of China’s real estate bubble, Wanda Group has been in constant crisis in recent years. It has been strapped for cash and saddled with a large amount of debt. It has had to sell assets, including its cultural tourism assets, Wanda Film Equity and dozens of Wanda Plazas.
Wanda Group has also moved from “buy, buy, buy” to “sell, sell, sell” mode.
Editor in charge: Li Yuanrui#
