Last year, Wanda Group Chairman Wang Jianlin — China’s richest man — said he was going to take on the “tiger” of Shanghai Disneyland Park with his own “pack of wolves.” But even a wolf pack couldn’t claw its way out of a mountain of debt, making Wanda’s wannabe Disney killers the latest sacrifices to China’s regulatory crackdown.
Early Monday morning, a little more than a year after Shanghai Disneyland Park opened to the public, Wanda announced that fellow Chinese conglomerate Sunac China Holdings had agreed to buy a majority stake in Wanda’s competing theme park business, as well as 76 hotels, for $9.3