January 30, 2018 / 1:47 AM / 6 months ago

Wanda Hotel shares set to open up 48 percent on Australian projects sale

HONG KONG (Reuters) - Shares of Wanda Hotel Development Co Ltd are set to open up 48 percent on Tuesday, a day after the Hong Kong-listed unit of Dalian Wanda Group announced sales of two Australian projects for a total of about $913 million.

The stocks are set to open at HK$2, the highest open since Aug. 17. That compared with a 0.7 percent fall in the benchmark Hang Seng index.

Chinese conglomerate Dalian Wanda Group has agreed to sell its two Australian projects to a China-backed developer for a total of A$1.13 billion in equity and assumed debt.

Reporting by Donny Kwok; Editing by Himani Sarkar

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