Running low on cash and debt-laden, China’s former richest man is on a selling spree.
Wanda Group Chairman Wang Jianlin speaks during an event for the signing of a strategic partnership between Wanda and the Abbott World Marathon Majors. Beijing, April 26, 2027. Credit: Mark Schiefelbein via AP Photos
Dalian Wanda spared no expense when it built Wanda Reign on the Bund, an opulent hotel that opened on Shanghai’s famous waterfront in 2016. It hired British architect Norman Foster’s studio to design its modern exterior and fashion designer Laurence Xu to create the staff uniforms. The works of celebrated Chinese artists like Huang Gang and Shi Qi graced its walls.
Just eight years on, the Chinese conglomerate has sold the luxury hotel to Indonesian tycoon Sukanto Tanoto for less than hal
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