HotelsAfter hotels, Chinese conglomerate sells chunk of soccer club

Dalian Wanda makes a back pass in Spain

By Travel Weekly Asia

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Feb 15, 2018

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Dalian Wanda makes a back pass in Spain

Photo Credit: Pixfly/GettyImages

China’s Dalian Wanda Group has continued to sell off assets to appease the Chinese government’s crackdown on international investments.

The group this week announced the sale of a 17% stake in Atletico Madrid, the Spanish soccer club.

The sale to Israeli billionaire Idan Ofer for an undisclosed sum adds to deals worth about US$16 billion that Wanda has announced since last year, Reuters reported.

Wanda bought a 20% stake in Atletico in 2015 for US$56 million.

Wanda has sold off domestic hotel and theme park assets and has brought in strategic investors to its film and commercial property subsidiaries.

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