Operator of World’s Largest Indoor Snow Centres Has Its Trading Suspended
The Sunac Group, which runs the three largest indoor snow centres in the world and a portfolio of more indoor snow centres than any other operator worldwide, has had its stock suspended from trading after it failed to post its results.
Having reported profits of $3.7 billion in 2019, an increase of 57% from the previous year, it has recently failed to report its annual results and as a result its stocks were suspended from trading in April.
It’s one of a number of large property companies that appear to be struggling in what has become known as the “2020–2022 Chinese property sector crisis.”
In July 2017, Sunac acquired 13 tourism projects from the Dalian Wanda group for US$6.6 billion, including the then newly opened new world’s largest indoor snow centre in Harbin, and a number of other indoor snow centres either already open or under construction. In the nearly five years since the group has completed projects started by Wanda and added new ones of its own.
It is understood that Sunac’s indoor snow centres continue operating at present and that it is attempting to sell off some of them. There are reports that the indoor snow centres have recently been rebranded ‘Bonski’, possibly as part of this process.