Dalian Wanda’s hotel division to sell London property project
Wanda Hotel Development to make a gain of about HK$434 million from sale.
Chinese conglomerate Dalian Wanda’s hotel division is selling its property project in London, according to a stock exchange filing in Hong Kong late on Tuesday.
Wanda Hotel Development said it would sell a 60 per cent stake in Wanda International Real Estate Investment, which was set up to invest in the Nine Elms Square property project, a deal worth £470 million (USD 646.76 million), in southwest London.
The remaining 40 per cent stake, held by Wanda HK, which also owns Wanda Hotel, will also be sold, according to the stock exchange filing.
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