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Dalian Wanda Group’s dreams of becoming China’s answer to Disney are fizzling.

The company, led by Wang Jianlin, is selling 13 Tourism City projects, including theme parks, and 76 hotels to real-estate developer Sunac China Holdings Limited in a $9.3 billion deal, both companies announced Monday.

The deal, said to be the second-biggest real-estate deal in China, is supposed to be completed before July 31, but the brands, development plans and operations of the properties will remain unchanged. Wanda will remain responsible for the projects’ operations management.

The deal includes $4.4 billion worth of tourism projects across China, including the cities of Qingdao, Guangzhou, Harbin, Chengdu and Kunming. Sunac is receiving a 91 percent stake in these projects and the transfer will be used to pay off loans on these projects.

Also Read: China's Dalian Wanda Group Stock Dives After Regulators Probe

The deal marks a major step back in Wanda’s ambitions to be a major player in the theme park sector. Last year, Wang announced plans to build at least 20 location-based tourism projects across the country and said that his “wolf pack” of theme parks would give Shanghai Disneyland a run for its money.

The statement did not include a reason for the sale, but Wang said in an interview with Chinese business publication Caixin that the deal would reduce Wanda’s debt and the company plans to pay off its bank loans by the end of this year.

Also Read: China's Wanda Takes Equity Stake in The Weinstein Company's 'Lion'

Wanda’s buying spree, particularly in Hollywood, was largely affected when regulators decided to take a closer look at the financing arrangements of some of its biggest international dealmakers.

Wanda’s would-be $1 billion purchase of Dick Clark Entertainment was derailed by capital controls and regulatory issues, as TheWrap exclusively reported in February. Last year, regulators also foiled the company’s plans to fold unprofitable Legendary into its publicly-traded cinema business, leading Wanda to eventually suspend the plan — and former Legendary CEO Thomas Tull to exit. Wu Xiaohui, the chairman of Anbang, has also been detained by government authorities and off the job since June 8.

Monday’s statement also mentioned a comprehensive strategic cooperation including film. Wanda has already been buying equity stakes in certain films, including Benedict Cumberbatch’s upcoming “The Current War” and last year’s “Lion.” Wanda also owns the AMC Theaters chain.

10 Biggest Billion-Dollar Entertainment Deals in 2016 (Photos)

Media and entertainment dealmakers returned in full force this year after a quiet 2015, as there were nine mergers and acquisitions valued at more than $1 billion -- from Chinese buyers such as the Dalian Wanda Group to AT&T, which agreed to acquire Time Warner for $85 billion. Here's a rundown of the biggest.
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10. Disney buys a minority stake in BAMTech

Price tag: $1 billion

In August, the Mouse House announced that it paid $1 billion for a 33 percent stake in streaming video technology company BAMTech, which was spun off from Major League Baseball’s MLB Advanced Media. Disney plans to use BAMTech’s technology to launch a standalone ESPN streaming service – but without the same content as linear ESPN.
Disney
9. Dalian Wanda Group buys Dick Clark Productions

Price tag: $1 billion

The real estate and entertainment conglomerate owned by China’s richest man continues to snap up showbiz companies by the billion, acquiring the Golden Globes and American Music Awards producer for a cool $1 billion earlier this month.
Dick Clark Productions
8. Rovi acquires TiVo

Price tag: $1.1 billion

Video technology firm Rovi Corp., bought the pioneering live-TV recording tech company for $1.1 billion in a deal that was finalized in September. After the deal was complete, Rovi adopted the better-known TiVo name.
Getty Images
7. AMC Theatres buys Carmike Cinemas

Price tag: $1.2 billion

Wanda-owned AMC Theatres acquired Carmike, the U.S.’ fourth-largest exhibitor, forming the biggest theater chain in the country with more than 600 theaters. That surpasses Regal Entertainment, which operates 565 locations.
AMC/Carmike
6. AMC Theatres buys Odeon & UCI Cinemas

Price tag: $1.2 billion

AMC also added Odeon & UCI Cinemas, Europe's biggest chain, to its ever-expanding suite of cinemas. AMC will rename the company to Odeon Cinemas Group and maintain its London headquarters.
AMC/Odeon & UCI
5. Dalian Wanda Group buys Legendary Entertainment

Price tag: $3.5 billion

Wanda was responsible for the first megadeal of 2016, when it acquired the “Jurassic World” production company for $3.5 billion. Legendary lost $500 million in 2015, but its action-packed fare such as “Warcraft” is popular in China’s fast-growing movie market.
Legendary/Wanda
4. Comcast's NBCUniversal buys DreamWorks

Price tag: $3.8 billion

The blowout success of animated films like “Zootopia” and “Finding Dory” was one of the stories of 2016, and NBCU doubled down on the genre by adding the “Kung Fu Panda” and “Shrek” studio to its fold.
DreamWorks
3. Lionsgate merges with Starz

Price tag: $4.4 billion

The “Hunger Games” studio and premium cable channel announced their merger plans in June, a year after telecom billionaire and major Starz shareholder John Malone bought a stake in Lionsgate. Starz will become an independently run subsidiary of Lionsgate once the deal is officially approved.
Lionsgate/Starz
2. Verizon buys Yahoo

Price tag: $4.8 billion – or maybe less

The embattled Internet 1.0 company finally found its lifeboat, selling its core business to Verizon for $4.8 billion in July, eight years after rejecting a $45 billion bid from Microsoft. But after the extent of Yahoo’s 2014 hack was revealed, Verizon was pushing for a $1 billion discount, and has been taking a second look at the deal.
Verizon/Yahoo
1. AT&T agrees to acquire Time Warner

Price tag: $85.4 billion

AT&T agreed to buy Time Warner, combining two century-old companies to create a content and distribution powerhouse in the biggest media deal since the ill-fated 2000 AOL-Time Warner merger. One caveat: Donald Trump, who has been an outspoken critic of Time Warner’s CNN, had threatened to block the deal. However, a Wall Street-friendly Republican Congress could provide a smoother path.
AT&T/Time Warner

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Rewind 2016: From China’s Dalian Wanda Group to AT&T, deep-pocketed buyers were chasing content all year

Media and entertainment dealmakers returned in full force this year after a quiet 2015, as there were nine mergers and acquisitions valued at more than $1 billion -- from Chinese buyers such as the Dalian Wanda Group to AT&T, which agreed to acquire Time Warner for $85 billion. Here's a rundown of the biggest.

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