The deal is expected to be signed by the end of the month, Bloomberg reported.
Among the projects included in the deal were the Nanchang Wanda City, which the company opened past year and that Wanda chairman Wang Jianlin had talked up as a competitor to Disneyland Shanghai.
The plans to part with tourism projects and hotels in the country are part of Dalian Wanda Group's ambitions to dial back its theme-park goals and address debt.
Beijing began a year ago to roll out restrictions to curb overseas capital flight, which analysts said raises funding costs to companies like Wanda as lending to them is now viewed as more risky due to the constraints they face. It said other domestic companies caught up in the review include Rossoneri Sport Investment Lux, a consortium that recently purchased Italian soccer club AC Milan, Club Med owner Fosun Group, and HNA Group.
Wanda did not officially state a reason for the sale, but in an interview with Chinese business outlet Caixin, Wang said the deal would substantially reduce Wanda's debt and move the company closer to the "asset-light" model he has been publicly espousing and pursuing for some time. It doesn't mean their businesses are in trouble. Over-leverage in China's economy has become a growing concern. The tourism sites will retain Wanda's name.
Embracing the "new retail" model to further connect online and offline shopping, Alibaba launched an experimental cashier-less coffee shop called "Tao Cafe", similar to the concept of Amazon Go which Amazon announced previous year.
In January it invested $2.2 billion in Chinese tech firm LeEco, which has acknowledged that it expanded too rapidly and was now facing a cash crunch. Sunac halted trading of its shares in Hong Kong on Monday, pending the announcement, after closing 6.9 percent lower on Friday. Shares in Wanda Hotel Development surged more than 150 percent after the news.