The plans to part with tourism projects and hotels in the country are part of Dalian Wanda Group's ambitions to dial back its theme-park goals and address debt.
Wang subsequently fleshed out the reasons in an interview with financial magazine Caixin, saying that after the sale the amount of debt held by the group's commercial real estate arm Wanda Commercial Properties would "drop greatly". The CEO of Sunac, Sun Hongbin, said he's seeking ways to expand beyond property into areas from healthcare to finance.
With the latest deal, Sun targeted assets from fellow-billionaire Wang Jianlin, who was among the most acquisitive Chinese tycoons up until a year ago.
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The transaction was also seen aiding Wanda's case for a mainland listing after its property unit delisted from Hong Kong a year ago.
Sunac's 15 acquisitions since the start of previous year included a deal with technology company Legend Holdings Corp (聯想控股) that spanned 42 property projects across 16 cities, including Beijing, Tianjin, Chongqing and Hangzhou, Bloomberg data showed.
"This (deal) signifies a retreat from Wanda's previous strategy in cultural tourism, and marks a pivot to an asset-light strategy", said Qin Gang, senior researcher at State Information Center, a government-linked thinktank.
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The transaction is to allow Sunac and Wanda to "fully play" to their advantages, the statement said.
Wanda said Tianjin-based Sunac will be responsible for all the loans for the projects, but the brand name and design of the projects will remain unchanged, and they will still be operated and managed by Wanda. The developer closed 6.9 percent lower on Friday.
The sale also builds on Wang's push to shed real-estate assets to focus on collecting rent rather than developing properties.
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It controls the AMC cinema chain, as well as Legendary Entertainment, co-producer of hit films including Godzilla and The Dark Knight Rises.