Dalian Wanda Group ended weeks of speculation on Monday by confirming that it has sold its tourism management business to Hong Kong-listed Sunac China Holding for $902 million (RMB 6.28 billion).

The sale follows tycoon Wang Jianlin’s RMB 43.8 billion sale last year to Sunac of Wanda’s 13 “Cultural Tourism City” theme park projects and cuts yet another arm off of a one-time property developer which Wang had tried to build into a world leading conglomerate involved in tourism, hotels and entertainment.

Wanda boss Wang Jianlin (right) is selling his tourism dream to Sunac’s Sun Hongbin

Over the past year Wanda has divested itself of all of its overseas real estate investments, following a crackdown on outbound investment deals and excessive leverage by China’s central government.

Wanda Unloads Tourism Business

Struggling with debts after it had been targetted by the central government as over-leveraged, in July last year Wanda initially announced that it was selling a 91 percent stake in its 13 theme park-based development projects, along with 76 hotels, to the Tianjin-builder for RMB 63.18 billion ($9.3 billion).

That deal was revised just one week later when Guangzhou’s R&F Properties suddenly stepping in to acquire 77 hotels, including the 76 said to be sold to Sunac, from Dalian Wanda Group for RMB 19.9 billion ($2.9 billion).

Sunac followed through with its agreement during the same month to purchase the 13 entertainment-based projects, which include both full-scale theme parks, and commercial or residential developments built around themed attractions for RMB 43.8 billion. That deal included a contract for Sunac to pay Wanda an annual management consulting fee of RMB 50 million to manage the 13 properties for the next 20 years.

Original article