China’s Dalian Wanda drops plans to buy Nine Elms Square in London

Wealth


Zhang Peng | LightRocket | Getty Images

Wanda Plaza in Tongzhou, China.

Dalian Wanda Group said on Tuesday it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment.

St. Modwen Properties, owner of the London building, said on Monday it had completed the 470 million pound ($605.6 million) sale, without naming the buyer. It said in a June filing it had exchanged contracts with Wanda Commercial Properties (Hong Kong).

Wanda’s International Real Estate Center said in a statement to Reuters on Tuesday that ownership of the 10-acre (4-hectare) Nine Elms belonged to a third party.

It is unclear who the buyer is at this stage. A sale of Nine Elms was first mooted in 2013.

China’s cabinet on Friday reiterated it would limit overseas investment in property, hotels, entertainment, sports clubs and the film industry, and planned to maintain a blacklist of domestic firms that violated overseas investment rules.



Source link

Products You May Like

Articles You May Like

NFT sales top $2 billion in first quarter, with interest from newcomers
Bitcoin let different kind of investor build wealth: strategist Meltem Demirors
Why the popular 4% withdrawal rule may be a bad idea for retirees
More boomers are choosing to ‘upsize’ their homes in retirement
From Gucci bags to Google stock — here’s what you could do with stimulus check

Leave a Reply

Your email address will not be published. Required fields are marked *