Wanda Group's chairman Wang Jianlin makes speech during the launch ceremony of Harbin Wanda City on June 30, 2017 in Harbin, Heilongjiang Province of China. Visual China Group | Getty Images

Just a year ago, Wang described his chain of theme parks as a "pack of wolves" that would encircle and overpower Walt Disney's US$5.5 billion Shanghai Disneyland. With Wanda retaining only a 9 per cent stake in the theme parks and Shanghai Disneyland turning profit one year after opening, analysts don't see how Wang can deliver on his promise. Adding to outsiders' concerns is the apparent urgency of the deal – with the two companies agreeing to sign detailed agreements before the end of July. Sunac China said in a filing to the Hong Kong bourse on Tuesday that the final payment of 29.57 billion yuan to complete the deal will be made within two days after it receives a loan worth 29.6 billion yuan, funded by Wanda. Analysts said the arrangement will help Wanda partly offload the asset-related investment risks. By lending funds to Sunac, Wanda is turning part of its equity interest into loan interest, said Chen Shujin, chief financial analyst with Hong Kong-based Huatai Financial Holdings. "The risks brought by asset management will be shifted to Sunac through this arrangement. While Wanda will rest on loan interest income, which is less risky," she said. Three relatively convincing reasons for the sale of assets to Sunac have emerged based on a study of the facts and available data. First is the recent probe by the banking regulator and the subsequent funding pressure that put on the company. Wanda Group was among the five big overseas deal makers that were investigated by the banking regulator last month for their overseas borrowings. Although no wrongdoing has been alleged or found, the probe rattled China's rumour-sensitive creditors. Hedge funds sold Wanda bonds after being tipped off about the probe, triggering a slump in bond prices. Two managers within the corporate banking departments of mainland lenders told the South China Morning Post that they were sceptical of Wanda City's business model even before the regulator's probe. One asset manager said he wouldn't buy Wanda bonds.