BEIJING — A year ago, the Chinese billionaire Wang Jianlin declared the dominance of his vast entertainment empire, Dalian Wanda Group, boasting that his theme parks were a “pack of wolves” that would defeat the lone “tiger” of Disney’s Shanghai resort.

Now, Mr. Wang is retreating, in a sign that Wanda could be reaching the limits of its debt-fueled expansion.

Wanda said on Monday that it would sell the theme parks as part of a $9.3 billion deal that includes 76 hotels and a major chunk of 13 tourism projects. The cash from the deal, with the property developer Sunac China, would be used to pay down debt.

Wanda appears to be caught in a political and financial downdraft that has hit many big Chinese deal makers. For years, the Chinese government encouraged the global ambitions of corporate giants like Wanda. Mr. Wang muscled into Hollywood’s domain, buying the AMC Theaters chain and the struggling production company Legendary Entertainment.