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The Hong Kong-listed unit of Chinese developer Dalian Wanda has entered into an agreement to sell the rights and interests in certain Australian property projects.
In a filing to the Hong Kong Stock exchange on Tuesday, Wanda Hotel Development said it had entered an agreement with an unnamed independent third party to sell the entire issued share capital of its wholly owned subsidiary which owns “certain property projects” in Australia.
The unit owns properties on Australia’s Gold Coast and in Sydney.
Parent Dalian Wanda walked away from a plan to buy London’s Nine Elms Square for £470m in August following mounting pressure from Beijing to curtail its high-profile overseas acquisitions.
The Hong Kong-listed unit saw its shares climb as much as 15 per cent last Wednesday after it said it had agreed to sell its stake in the One Nine Elms project in London for £35.6m to an unnamed buyer. The purchaser also agreed to pay off Wanda Hotel Development’s £159.5m loan.
The company said its shares, which were halted on Friday ahead of a “possible very substantial disposal”, would remain on a trading halt pending “publication of the announcement relating to the Disposal”.
