Will Wang Jianlin’s sale of the Chicago project have any impact on Chicago’s economy?

The recent sale of Wang Jianlin’s real estate project in Chicago, USA, has attracted the attention of many netizens. This project is located in the core area of ??Chicago, with a planned total construction area of ??approximately 176,000 square meters, and its geographical location is very advantageous. The project plans to build a five-star hotel and high-end apartment project. The high-end apartment part has been pre-sold in September 2015. It will become a new landmark in Chicago upon completion. Just after the market closed on July 24, LLC (Wanda Chicago) entered into an agreement with the buyer Magellan Parcel C/DLLC to sell 90% of Parcel CLLC shareholders’ equity for US$270 million to help reduce debt. As of the end of 2019, the project company had an after-tax loss of HK$21.9 million. No matter what, it still has a certain impact on Chicago's economy. With the sale of the Chicago project, Wanda’s overseas real estate investment has come to an end here.

Wang Jianlin made it clear at Wanda’s annual meeting on January 20, 2018, that he decided to pay off overseas debts. In the morning of July 27, 2020, Wanda Hotel Development issued an announcement stating that the company’s shares will be Trading was temporarily suspended on the Stock Exchange of Hong Kong Limited at 9:00 a.m. on July 27. In 2017, Wang Jianlin began Wanda’s asset-light transformation and sold 77 city hotels in one go. , 91% stake in 13 cultural tourism projects, and the sale of assets has greatly alleviated Wanda’s debt pressure. Wanda Hotel Development shares will resume trading on July 31.

As for Wang Jianlin’s sale of the Chicago project, industry professionals commented that it is a good time to change hands. Since the Chicago project is still under construction, the sale will help reduce the company’s current and future costs. of debt. Moreover, in the first half of this year, due to the epidemic, a large number of travel bans and blockades were implemented in China, and the operating environment of Wanda Hotels also faced unprecedented challenges.