Chinese property developer Wanda has offloaded its flagship Australian property assets.
The Sydney Morning Herald reports that Wanda made an announcement to the Hong Kong stock exchange, that it has entered into a deal to sell off certain property projects in Australia.
Wanda is one of the largest property developers in China, but it is understood that it is selling off overseas assets to pay down foreign debt.
The developer currently has two major projects underway in Sydney’s Circular Quay and the Gold Goast, both worth a total of around $2 billion.
The sale comes as no great surprise and has been speculated about for several months.
The buyers remain unclear, but a source close to Wanda said that they are foreign institutions backed by domestic Chinese enterprises.
Wanda’s sales occur in a time of increased regulatory restrictions from both the Australian and Chinese Governments.
Last year, the Australian Government introduced measures in the Budget to cool the housing market and China has come up with its own regulations to curb investment in foreign countries.
The results have been felt almost immediately in Australia – particularly in Sydney, where property prices saw a decline in the last quarter of 2017.
Source: The Sydney Morning Herald