The 188bet app Cultural Tourism City project that once promised to "surpass Disney"，Being packaged and sold to Sunac China。July 10，188bet app Commercial and Sunac China (01918.HK) jointly released，Sunac Real Estate Group with 335.9.5 billion yuan acquisition of 76 hotels owned by 188bet app，At the same time 188bet app is 295.Price of 7.5 billion yuan，Transfer 91% of the equity in 13 cultural tourism projects to Sunac。According to agreement，The two parties will sign a detailed agreement before the end of this month，And complete payment "as soon as possible"、Asset and equity delivery。

According to calculations by a reporter from Securities Times，Sunac spent more than 50 billion yuan on acquisitions or investments in the past year，This does not include Sunac’s land acquisition and other costs。

This acquisition also has a profound impact on the capital market。With 188bet app Group divesting cultural tourism projects and some hotel assets，188bet app Commercial may make new progress in its return to A shares。Both parties expressed that they will cooperate comprehensively in various fields such as film。

188bet app Commercial “Return to A” to speed up

Morning of July 10th，188bet app Group’s official WeChat account is titled “Another big move that shocked the world”，Released the situation of this asset transfer。Wang Jianlin later expressed through the media，The transfer project will significantly reduce 188bet app’s commercial liabilities，Let 188bet app Commercial further realize asset-light operations，After the transaction is completed，188bet app Business plans to pay off most of its bank loans within this year。Discovered by Securities Times reporter，Many people from 188bet app said when forwarding to WeChat Moments, "188bet app needs to travel lightly，Welcoming a new round of rapid progress。”

From the perspective of 188bet app’s management structure，The 188bet app Cultural Tourism City project and hotel business are both important components of 188bet app Commercial, which is seeking to return to A-shares。According to 188bet app insiders，The biggest uncertainty in 188bet app Commercial’s return to A plan lies in its “qualitativeness”: 188bet app Commercial does not want to be included in the real estate sector，Currently, the IPO issuance of real estate companies is almost at a standstill。Currently，The review status of 188bet app Commercial IPO is "Feedback"。

According to the agreement signed on July 10，188bet app takes 91% of the registered capital, which is 295.7.5 billion yuan，188bet app Cultural Tourism Project in Xishuangbanna、Nanchang 188bet app Cultural Tourism Project、91% of the equity in 13 cultural tourism city projects including Hefei 188bet app Cultural Tourism Project was transferred to Sunac，And Sunac will bear all the existing loans of the project。

188bet app’s hotel business is also quite large。According to 188bet app Group’s official website，188bet app is China’s largest five-star hotel investment and management company，Sofitel 188bet app Beijing has opened、Shanghai 188bet app Ruihua、102 high-star hotels including Hefei 188bet app Vista，In the United States、UK、France、Australia、Türkiye and other countries are building 8 five-star 188bet app Vista hotels，Becoming the first global high-end hotel brand from China。

According to 188bet app Commercial’s previous prospectus，188bet app Commercial started operating 188bet app series brand hotels in 2012，Including 188bet app Realm、188bet app Vista and 188bet app Reign。188bet app Commercial Name，The unique industry attributes of the hotel business determine that its investment payback period is longer than that of other holding properties。

According to agreement，Sunac will be 335.9.5 billion yuan acquisition of 76 hotels owned by 188bet app。It is not known which 76 hotels are currently。But after the hotel is delivered，The hotel management contract continues to be executed，Until the contract period expires。

188bet app Film (002739) is suspended due to the proposed acquisition of 188bet app Film and Television，Hong Kong-listed 188bet app Hotel Development (00169.HK) stock price surged yesterday，The highest price rose by more than 150% on the morning of the 10th，Also recorded 46 at the close.55% increase。Jinke shares, which were raised by Sun Hongbin four times, hit the daily limit yesterday，Up 6% by close。

Big capital operation

According to news from Sunac，Sun Hongbin said，The funds involved in this transaction come entirely from Sunac’s own funds。As of June 30, 2017，Sunac still has more than 90 billion yuan in cash；Sunac’s sales performance in the first half of this year was more than 110 billion yuan，Full-year sales will exceed 300 billion yuan。

Before taking over 188bet app Cultural Tourism City and part of the hotel business，Sunac has also made a series of layouts，And they have become the focus of the market:

September 16, 2016，Sunac announced the acquisition of relevant equity and debt rights of 41 target companies of Legend Holdings，Involving 42 property projects，The total transaction price is approximately 137.8.8 billion yuan。

November 30, 2016，Sunac to 36.Acquisition of the entire equity of Qingdao Jiakai City Real Estate Development Co., Ltd. for 6.2 billion yuan。

January 9, 2017，Sunac acquires Beijing Lianjia 6 for 2.6 billion yuan through capital increase.25% equity。

January 13, 2017，Sunac China strategically invests in LeTV，With 60.Acquisition of LeTV 8 for 4.1 billion.61% equity，With 79.500 million yuan obtainedAdditional issuanceHoleTV Zhixin 33.5% equity，With 10.500 million yuan to acquire 15% equity of LeTV Pictures，Total expenses 150.4.1 billion yuan。After the transaction is completed，Sunac China becomes the second largest shareholder of LeTV，Became an important shareholder of LeTV’s super TV and film sectors at the same time。

May 2, 2017，Tianjin Runze Property Management Co., Ltd. and Tianjin Runding Property Management Co., Ltd., both subsidiaries of Sunac China, from December 9, 2016 to April 28, 2017，Total increase in holdings of Jinke shares 2.2.7 billion shares，Accounting for 4 of the total share capital of Jinke Co., Ltd..99%，The cumulative shareholding ratio reaches 25%，The total cost exceeds 6 billion yuan。

May 12, 2017，Tianjin Rongchuang, a subsidiary of Sunac China, is the buyer，Planned to acquire 80% of the equity and debt of Tianjin Xingyao from Kunming Xingyao，The total price is about 102.5.4 billion yuan。

May 31, 2017，Sunac China acquires 60% equity of Huacheng Fuli and related claims，The total consideration is 2.1 billion yuan。

Brief calculation based on the above items，Sunac spent more than 50 billion yuan on acquisitions or investments in the past year，This does not include Sunac’s land acquisition and other costs。However，Only a single project with 188bet app，Sunac’s investment amount reaches 63.2 billion yuan。This seems to indicate，Sun Hongbin does business with the richest man，The aura should be bigger，This is more consistent with the identities of both parties。

The cultural tourism city project still requires large investment

188bet app Cultural Tourism Project、188bet app Tourism and 188bet app Hotels，is the entire tourism industry chain previously advertised by 188bet app Group。Considering that 188bet app Tourism will transfer to Tongcheng at the beginning of this year，With this cultural tourism project and hotel collective package sale，The entire tourism industry chain may have been adjusted。

Wang Jianlin’s public cry last year about “making Disney China unprofitable in the next 10-20 years” is still ringing in my ears。According to previous plan，“There is only one Disney store in mainland China，188bet app can open 15 to 20 stores in various places across the country，Wang Jianlin used the phrase “a good tiger cannot withstand a pack of wolves” to describe the layout of 188bet app Tourism City。

188bet app Cultural Tourism City usually contains large shopping malls、Large stage show、Indoor and outdoor theme park、Resort hotel groups and commercial pedestrian streets and other formats。Compiled based on media reports，With the quiet launch of the "Cultural Tourism City" project in 2012，188bet app has invested more than 500 billion yuan in cultural tourism city projects across the country。

Relying on 188bet app’s business disclosure prospectus and 188bet app’s official website and other public information，Securities Times reporter sorted out the current progress of some 188bet app Cultural Tourism City projects，including Nanchang and Hefei 188bet app Tourism City，are two projects that Wang Jianlin specifically mentioned in the 2016 group work report that "have caused huge repercussions around the world"，The total planned investment of the Nanchang 188bet app City project and the Hefei 188bet app Tourism City project is 329 respectively.2.2 billion yuan and 255.5.8 billion yuan。July last year，Nanchang Cultural Tourism City becomes 188bet app’s first cultural tourism city project officially opened for operation，All projects are expected to be completed in October 2022。Hefei Cultural Tourism City officially opened in September last year，Developed in four phases，All projects will be completed in April 2021。

Also，Harbin 188bet app Cultural Tourism City project planned total investment 272.1.3 billion yuan，All projects are expected to be completed in June 2021。Wuxi 188bet app Cultural Tourism City Project Planned Total Investment 313.6.5 billion yuan，All projects are expected to be completed in October 2022。Guilin 188bet app Cultural Tourism City，Started on May 20 last year，Cultural tourism investment 16 billion yuan，Planned to open in 2020。August 26 last year，188bet app Group announced an investment of 63 billion yuan to build Jinan 188bet app Culture, Sports and Tourism City，Including investment in culture, sports and tourism of 31 billion yuan，This is 188bet app’s 13th super-large cultural tourism project in China，Planned to start construction in 2017，Opening in 2021。

According to agreement，The 13 projects held by 188bet app transferred to Sunac will still use the "188bet app Cultural Tourism City" brand。The project is still in accordance with the plan approved by the government、Content development and construction，Sunac, the takeover party, will also face greater project funding needs。

It’s worth noting，July 6，188bet app Group released its work briefing for the first half of 2017。188bet app’s commercial revenue is 73.5 billion yuan，Complete the annual plan 48.8%，115 completed the first half of the year plan.3%，14 year-on-year increase.2%。Among them: real estate business income 563.400 million yuan，119 that completed the first half of the year plan.2%，11 year-on-year increase.3%；Refund 491.400 million yuan，Complete 120 planned in the first half of the year.3%；Rental income 116.900 million yuan，102 completed the first half of the year plan.2%，34 year-on-year increase.3%，Rent collection rate 100%。As one of the company’s pillar industries, the “Cultural Group” has revenue of 30.8 billion yuan，increased by 5 year-on-year.9% (excluding the merger of 188bet app Tourism and Tongcheng，31% increase year-on-year).

According to the agreement with Sunac，After the transfer of the above 13 cultural tourism city projects，Project operation management is still responsible for 188bet app Company，This is still the "188bet app Themed Entertainment Company" in the 188bet app Culture Group segment、The business scope of "188bet app Cultural Tourism Planning Institute"。

*Source of this article: Securities Times, author:Tong Lu,Original title: "Sunac acquires 188bet app’s assets for RMB 63.2 billion，188bet app Commercial “returns to A” or speeds up》