China’s Wanda confirmed sale of its Australian assets

Beijing. January 25. Silkroadnews – China’s Wanda has confirmed the sale of its Australian assets, the Australian newspaper The Sydney Morning Herald reported.
“One of China’s biggest property developers, Wanda, has said it has disposed of its flagship Australian property assets. The apartment projects at Sydney's Circular Quay, which is still under construction, and the Gold Coast, had been estimated to be worth about $1 billion each,” the report said.
As publication reads, after months of speculation that Wanda, headed by Chinese billionaire Wang Jianlin, was seeking to sell its international hotels and property, the company made an announcement to the Hong Kong stock exchange that it had entered into a deal to sell a subsidiary that has rights and interests in certain property projects in Australia “to an independent third party”.
Wanda was among several large Chinese private companies that came under the control of Chinese financial regulators for taking large amounts of debts, making foreign purchases.
Chinese analysts and state media called them “grey rhinos” for the potential risk they represent for the Chinese economy.
Last week, Wanda announced that it had sold a 60% stake in London’s One Nine Elms property to an unnamed buyer for $250 million. Wanda also owns the Hoyts Cinema chain in Australia.
In August the Chinese government announced the introduction of restrictions for Chinese private companies making overseas investments in such areas as real estate and entertainment to prevent irrational purchases.