Wanda divesting out of London ONE

It's part of a reported move being made by Wanda to off-load its overseas commercial properties in the UK, the US and Australia.

Photo taken on September 29，2017 shows the Wanda Plaza in Dalian, northeast China’s Liaoning province. [Photo: VCG]

Wanda issued a notice on January 16, 2018 that a buyer agreed to pay 35.6 million pounds, (around 315 million yuan), for the stock rights and another 156 million pounds to pay off the debt of London ONE.

The notice did not say who was buying it.

London ONE had an estimated value of 305 million UK pounds in 2013. However, Wanda was running an annual deficit of around 70-million yuan by 2016.

With a planned investment of about 1 billion pounds, the London ONE project was designed to build a huge, high-class hotel next to the Thames River in London. 

At the time it represented the largest property investment in Europe by a Chinese property developer.