Wanda sells flagship London investment

The Nine Elms Development will be the future UK home of Apple, the US Embassy in London, and many thousands of apartments. [Photo: Nine Elms London]

Dalian Wanda - the largest developer in China - is to sell its stake in London's Nine Elms Development.

The news comes just weeks after we revealed that the company had agreed to buy £470 million worth of land for development to the south of the river Thames.

The land had previously been the site of the New Covent Garden flower market, and is part of the Nine Elms project, close to Battersea Power Station.

Whilst the project will undoubtedly continue, Wanda's decision will undoubtedly lead to questions about confidence in London's luxury housing market.

For those who are concerned that the company's decision might be connected to Brexit and a potential downturn in London's key financial industry, there is some reassurance.

Wanda has in fact signalled its intent to pull-out not just of the London project, but also of similar undertakings in Sydney and Chicago, too.

The moves are part of a restructuring of Wanda, which will see the assets sold initially to a company which is owned privately by Wanda's Chairman Wang Jianlin.

This company may in turn then decide to sell the assets and projects to other companies.