Chinese conglomerate Wanda Group, owner of Hollywood's Legendary Studios, is selling most of its theme parks, retreating from a business it once said would challenge Walt Disney Co.
Wanda says it will sell 13 parks and 76 hotels to a Chinese buyer, Sunac China Holdings Ltd., for 63.2 billion yuan ($9.3 billion) but will continue to manage the properties.
The surprise sale gives Wanda possible revenue to pay down debt that has soared during an aggressive expansion into entertainment, tourism and other consumer businesses.
Wanda founder Wang Jianlin, one of China's richest businesspeople, said last year he wanted to challenge Disney as a global theme park brand.
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