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Dalian Wanda drops plans to buy £470 million London property

08/23/2017| 4:50:05 PM|

Dalian Wanda Group has backed down from a bid to buy Nine Elms Square in London, marking the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment.

Dalian Wanda Group said on Tuesday it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment.

St. Modwen Properties, owner of the London building, said on Monday it had completed the 470 million pound (USD 605.6 million) sale, without naming the buyer. It said in a June filing it had exchanged contracts with Wanda Commercial Properties (Hong Kong).

Wanda's International Real Estate Center said in a statement to Reuters on Tuesday that ownership of the 10-acre (4-hectare) Nine Elms belonged to a third party.

It is unclear who the buyer is at this stage.

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TAGS: Wanda | Nine Elms Square
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