Shareholders are right to cheer. This restructuring will turn Wanda Hotel from a company bleeding cash into a cash cow. Sunac is now obliged to pay Wanda Hotel about 650 million yuan ($98 million) every year for the next two decades in management fees. To put this amount in perspective, last year, Wanda Hotel generated just HK$385 million ($49 million) in operating cash flow. In addition, getting the hotel projects off its hands means Wanda Hotel no longer needs to incur any heavy capital expenditure.