Shares in Chinese hotel conglomerate Dalian Wanda rocketed by 155 per cent this morning after it announced a deal to sell properties and projects to rival Sunac.
Wanda announced this morning that it would sell 76 hotels and 91 per cent stakes in 13 tourism projects to Sunac for $9.3bn (£7.2bn). Everything included in the deal is in China.
The group has come under pressure in recent months from China's Banking Regulatory Commission (CBRC) to reduce its debt, as the body reviewed borrowing practices of Wanda and three other companies.
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The Sunac deal marks a change of pace for Wanda, which has long been on the offensive as a global deal-maker. Last month the group expanded its London portfolio by buying Nine Elms Square for £470m. The site is adjacent to the Wanda-owned One Nine Elms Square development.
The group's owner Wang Jianlin is the second richest man in China, having been toppled from the top spot this year by Alibaba founder Jack Ma.