Chinese mainland conglomerate Dalian Wanda Group signed a 63.2 billion yuan ($9.3 billion; 8.2 billion euros; ￡7.2 billion) deal on July 10 to sell 13 cultural tourism projects and 76 hotels to property developer Sunac, a move that could shift its focus to asset-light business and bolster its vision of relisting on the Chinese mainland.

The group, which has come under the spotlight for its global acquisition spree, said in a joint statement that it will sell 91 percent of its stake in 13 tourism projects for 29.6 billion yuan, and 76 out of 102 hotels for 33.6 billion yuan.

Sunac, based in Tianjin and listed in Hong Kong, suspended trading of its shares before the market opened on July 10.

The trading halt was initially rumored to be related to Sunac's 15.04 billion-yuan investment in cash-strapped entertainment company LeEco, whose worsening financial crisis has dragged the share price of Sunac 12 percent lower over the past four trading days, wiping more than HK$8 billion ($1.024 billion) off its market value.

Bolstered by the headline-making deal, the Hong Kong share price of Wanda Hotel Development was up by 46.55 percent to close at HK$0.85 on July 10, after rocketing by as much as 155.20 percent in the morning session to an intraday high of HK$1.48.

All the projects will continue to be operated under the group's brand name, said the statement. A detailed agreement will be signed by the end of the month.

Wang Jianlin, who runs the Wanda empire and is Asia's richest man, says the deal shows Wanda's determination to set its sights on innovative and asset-light business, including film and television, sports, tourism, internet and finance, according to Chinese mainland business news outlet Caixin.

Such a shift of business strategy is in line with the big-spending conglomerate's overseas investment in football clubs and film studios, the sectors that Wang says are promising but are yet to be developed in the Chinese mainland.

The two companies, in particular, highlight a "strategic partnership" in film and other sectors in the statement.

Hannah Li Wai-han, a strategist at UOB Kay Hian (HK), says, "Sunac's investment in LeEco may fit well and create synergies with Wanda's ambition of developing innovative and asset-light business. This may make the deal a winning growth formula for both parties."

Sunac Chairman Sun Hongbin, as quoted by Caixin, says the money used to close the deal is completely out of Sunac's own pocket.

Dismissing investor concern over a possible new financial burden on Sunac, Sun says the company recorded a cash balance of 90 billion yuan on its balance sheet in the first half of 2017 and expects an annual turnover of more than 300 billion yuan.

Wang says all proceeds from the deal will be used to repay loans and lower its debt-to-asset ratio. The conglomerate is looking to pay off the major chunk of its bank loans by the year-end and clear all the debt within the coming three years,

The deal may mark a step closer for Dalian Wanda Commercial Properties, the property unit of Wanda Group, to relist on the mainland and cash in on higher valuations on domestic markets after it delisted in Hong Kong last year.

"Wanda is still trapped in a logjam of firms lining up for IPO approval," says Li. "The conglomerate took a hit from a sell-off last month, which may make it dispose of some of its non-core assets to address the liquidity concern."

sophia@chinadailyhk.com