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July 12, 2017

Billionaire Wang Jianlin to sell hotels and tourism properties; Danone sheds US dairy business to competitor; and Hobby Lobby fined for smuggling Iraqi artefacts

Billionaire Wang Jianlin to sell hotels, tourism properties

China’s second wealthiest man will sell some of his multi-billion dollar property portfolio to a competitor, as a means of paying down debt.

Wanda Group, led by billionaire Wang Jianlin, will sell 76 hotels and a 91% share in 13 tourism properties to Sunac Holdings for ¥63.17 billion ($9.29 billion).

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