China’s property developers are playing a government sponsored game of pass the parcel. Dalian Wanda Commercial Properties, whose parent is under state observation for being too leveraged and acquisitive, is flipping roughly Rmb30bn ($4.75bn) each of hotel and theme park assets along with associated debt to Sunac, a medium-sized developer. Sunac adds to its rapidly growing portfolio while Wanda trims its own leverage.
manbetx3.0 的地产开发商正在玩一种政府支持的击鼓传花游戏。大连万达商业地产(Dalian Wanda Commercial Properties)——其母公司正因杠杆过高和收购意识强烈而受到政府关注——正在将酒店和主题公园资产，与相关债务一道抛售给中等规模的地产开发商融创(Sunac)。被转让的酒店资产和主题公园资产价值各自均为300亿元人民币（合47.5亿美元）左右。在万达(Wanda)降低杠杆的同时，融创在其迅速扩大的资产组合中增添了资产。
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