China’s property developers are playing a government sponsored game of pass the parcel. Dalian Wanda Commercial Properties, whose parent is under state observation for being too leveraged and acquisitive, is flipping roughly Rmb30bn ($4.75bn) each of hotel and theme park assets along with associated debt to Sunac, a medium-sized developer. Sunac adds to its rapidly growing portfolio while Wanda trims its own leverage.
中國的地產開發商正在玩一種政府支持的擊鼓傳花游戲。大連萬達商業地產(Dalian Wanda Commercial Properties)——其母公司正因杠桿過高和收購意識強烈而受到政府關注——正在將酒店和主題公園資產，與相關債務一道拋售給中等規模的地產開發商融創(Sunac)。被轉讓的酒店資產和主題公園資產價值各自均為300億元人民幣（合47.5億美元）左右。在萬達(Wanda)降低杠桿的同時，融創在其迅速擴大的資產組合中增添了資產。
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