HK-listed Wanda Hotel drops most in 2 years as Sunac hotel deal scrapped

** Shares of Wanda Hotel Development Co Ltd drop 9.9% to HK$0.32, the biggest daily percentage decline since Aug 2019

** Stock on track for weekly decline of 10.9%, the biggest such drop since mid-March 2020

** Co says it has reached an agreement with Sunac China Holdings Ltd for early termination of hotel management agreements for 21 hotels owned by Sunac and managed by Wanda

** Says Sunac has agreed to pay 133.32 mln yuan ($20.7 mln) to co as compensation for early termination, and another 68.59 mln yuan to settle all outstanding payables accrued up to June 30

** Wanda says its hotel operation and management business will be negatively affected by termination

** Shares of Chinese property developer Sunac fall 2.9% to HK$13.32, lowest since June 2017

** The Hong Kong Hang Seng Composite Index tracking properties and construction stocks slips 0.8% while the Hang Seng Composite Index climbs 0.6%

** The Hang Seng China Enterprises Index gains 0.9% and the benchmark index adds 0.4%

** As of last close, Wanda stock had surged 16.4% this year