China's Richest Man Forced To Sell World's Largest Indoor Ski Resort 2 Weeks After It Opened

www.zerohedge.com | 7/10/2017 | Staff
dewbydewby (Posted by) Level 4


The man who declared war on Disneyland just opened the world’s largest indoor ski resort. And now he’s being forced to sell it.

As the South China Morning Post reports, Wanda City, the $6 billion resort development built by China’s wealthiest tycoon Wang Jianlin, opened for business two weeks ago. The resort, which, at 1.6 square kilometres, is the world’s largest indoor ski park.

Company - Holdings - Wanda - Group - Debt

Now, it’s being sold along with the company’s other theme-park related holdings as Wanda Group seeks to pay down some of its enormous debt burden, which has recently attracted the scrutiny of Chinese authorities. The push into theme parks, part of the conglomerates debt-fueled global shopping spree involving several entertainment businesses, was partly an issue of national pride for Wang. When Disneyland Shanghai opened last year, drawing enormous crowds, Wang angrily declared “the frenzy of Mickey Mouse and Donald Duck and blindly following them is over,” according to the New York Times, and vowed that his theme parks would be even more successful.

The announcement of the deal triggered a bizarre reaction when shares of Wanda Hotel Development (0169.HK) - which is mostly responsible for development of property projects outside of China -and which inexplicably surged more than 150% after news of the deal... even though none of the hotels being sold are included under this entity. As shown in the chart below, shares of Wanda Hotel Development exploded higher, the most since April 2013, after the news that its parent was selling hotel assets to Sunac, yet assets which were completely unrelated to 0169.HK.

City - Harbin - Country - Border - Russia

Located in the city of Harbin - near the country’s northern border with Russia - the resort features Russian architecture, a movie theater and a grand piano-shaped indoor ski resort that allows 3,000 people to ski or snowboard on six runs, all in an area...
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