Dalian Wanda refused to buy Nine Elms Square in London

Almaty. August 22. Silkroadnews – Dalian Wanda refused to buy Nine Elms Square in London, CNBC reported.
“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”, report said.
It is noted that the owner of the London building, the company St. Modwen Properties, said on Monday it has completed the £470 million ($605.6 million) sale, without naming the buyer. In June the company’s officials stated they had signed a contract with Wanda Commercial Properties.
In its turn, the international real estate center Wanda said the ownership of the 4-hectare Nine Elms Square building belongs to a third party.
At this stage it is not clear who is the buyer of the building, but the issue of Nine Elms Square sale was first discussed in 2013.
As the publication reminds, China’s Cabinet of Ministers confirmed that it will limit overseas investments in real estate, hotels, entertainment establishments, sports clubs and the film industry and plans to compile a black list of firms that violate the rules of overseas investment.
Chinese banks were denied funding for several overseas acquisitions of Wanda to curb the corporation’s appetite for offshore transactions.
Last year, China started fighting against capital outflows and overseas direct investment, and Wanda, a giant owned by one of China’s richest people, Wang Jianlin, was one of the most affected companies.
“In March, Wanda's proposed $1 billion purchase of U.S. TV production company Dick Clark Productions collapsed under the heightened pressure from Beijing on outbound deals. Squeezed for finance, Wanda in July agreed to sell 77 hotels to Chinese developer Guangzhou R&F Properties Co for 19.9 billion yuan ($2.99 billion) and 91 percent equity in 13 tourism projects to Sunac China for 43.8 billion yuan”, report reads.