Home New This Month Report: Dalian Wanda is selling its unfinished $1.3b Circular Quay project

Report: Dalian Wanda is selling its unfinished $1.3b Circular Quay project

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Source: Financial Review

Dalian Wanda has reportedly put its unfinished Circular Quay luxury apartment project on the market.

The South China Morning Post reported that Dalian Wanda is trying to sell its five biggest international property projects to a single buyer for AU$6.6 billion.

Two of the other properties are in the U.S., one is in London and the other is the Jewel Resort on the Gold Coast.

Dalian Wanda bought Gold Fields House three years ago for $425 million to make way for the luxury complex.

The project includes a 59-floor residential apartment tower and a hotel.

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But CBRE’s chairman of residential marketing Justin Brown, told The Sydney Morning Herald that expressions of interest were strong and the project was continuing as planned.

“We haven’t been advised that the project won’t progress to a launch,” he said.

The Chinese government began cracking down on companies making what it calls “irrational” investments overseas earlier this year.

Dalian Wanda has been affected by new regulations, and the company’s CEO Wang Jianlin dropped from first to fourth richest Chinese billionaire on the Forbes’ rich list.

Source: The Sydney Morning Herald

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