Ally of China’s Wanda Poised to buy Australia’s Hoyts Cinema Chain

Hoyts Cinema Australia

BRISBANE, Australia – A Chinese investor, and associate of Dalian Wanda, is the front runner to buy Australian cinema chain Hoyts.

Hoyts, which is currently owned by Pacific Equity Partners, had planned an $800-$900 million initial public offering but cancelled that last month. PEP has since revealed that it is in talks with private company ID Leisure International Capital.

According to documents seen by Australian media, ID is owned by Sun Xishuang a Chinese businessman with a personal net worth of $1.3 billion.

Sun, who is chairman of property developer Dalian Yifang Group, has close ties to Wanda, which is China’s biggest cinema operator and is also controlling shareholder in AMC Theaters. Yifang and Wanda have previously collaborated on several property and tourism projects.

Sun is understood to own a 6.3% stake in Dalian Wanda Commercial Properties and a 4.2% stake in Wanda Cinema Line, Wanda’s exhibition circuit which recently received approval for its own IPO.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 1

Leave a Reply

1 Comment

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  1. Peter says:

    Interesting would be a good bailout for Hoyts as I was told they had some cash flow problems and had to let go of alot of staff. Hopefully they can do a better job than PEP who was only interested in the running for a few years and further sales.

More Biz News from Variety