BRIEF-Wanda Hotel Development And SUNAC China Agree To Terminate 21 Hotel Management Agreements

Reuters2021-09-16

Sept 16 (Reuters) - Wanda Hotel Development Co Ltd

* 2 UNITS AND SUNAC CHINA REACHED AGREEMENT FOR EARLY TERMINATION OF HOTEL MANAGEMENT AGREEMENTS FOR 21 HOTELS

* WANDA PARTIES AGREED TO TERMINATION AND SUNAC CHINA TO PAY SUM OF RMB133.32 MILLION TO GROUP AS COMPENSATION FOR TERMINATION

* SUNAC CHINA ALSO AGREED TO PAY RMB68.59 MILLION TO SETTLE ALL OUTSTANDING PAYABLES TO GROUP ACCRUED UP TO 30 JUNE

Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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