Dalian Wanda

<html><body>
There's been a fire at One Circular Quay, the Dalian Wanda development near the Sydney Harbour.
The fire, described as "really bad" by onlookers, broke out earlier this morning.
"There were workers on the scaffold," one woman wrote on Facebook. She suggested she heard three explosions.
More than 60 fire fighters across 16 fire crews are attempting to subdue the fire.
The site, as well as some nearby office buildings, have been evacuated, as well as the Circular Quay train station. Regular service has been resumed at the station.
Nobody was badly injured. A number of people were treated for minor smoke inhalation.
The site of Gold Fields House, which dates back to 1966, was one of Sydney's first high rise buildings. 
Late last month it was announced that Dalian Wanda sold the project to Sydney developer Yuhu Group. 
<div class="cq-article-content-paras section">
Dalian Wanda came under pressure by the Chinese government to crimp its overseas investments. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/2/13/wanda.jpg" alt="">
Late last year Wanda begun marketing the apartments in the development.
They described the Sydney building as Australia's most prestigious residential development (below).
The flagship $1 billion project was officially launched at the Museum of Contemporary Art in April.
The 57 storey tower will comprise 184 apartments and a 179 room hotel.
<div class="cq-article-content-paras section">
"The Circular Quay site remains under the management of Wanda, as the transfer process continues," a Yuhu spokesman told Fairfax Media.
</div>
<div class="related-quotes section">Part payment for the sale is due on March 15.</div>
<div class="cq-article-content-paras section">
Police say the remains of the building, which was undergoing demolition, has sustained significant damage.
"Officers attached to Sydney City Local Area Command will investigate the circumstances surrounding the blaze. It is not known if there are any suspicious circumstances; inquiries are continuing," police reports say.
</div>
 
 
</div>
<div class="cq-article-content-paras section"> </div>
 
 
 
</body></html>

jrobinson-rf4aSBido9

Fire at luxury Wanda apartment development in Sydney's Circular Quay

<html><body>
Wang Jianlin's Dalian Wanda Group has sold the One Nine Elms project on the south bank of London's River Thames.
Guangzhou R&amp;F Properties Co. is the buyer, according to Bloomberg and Reuters.
Bloomberg also report the imminent sale of its $1.2 billion Circular Quay, Sydney project and the $900 million Jewel complex on the Gold Coast.
Nine Elms is project billed as worth 700 million pounds on completion. It has planning approval for an apartment tower of about 56 stories and a five-star hotel.
Wanda paid 88.8 million pounds for the plot in 2013, a Land Registry filing shows.
Its sale adds to more than $9 billion worth of disposals over the past year as the real estate-to-entertainment group responds to government pressure to pare debt and focus overseas investments on assets considered strategically important to China.
The conglomerate, which has businesses that range from real estate to football and cinemas, had initially said it wanted to transfer ownership of some its overseas assets to its holding company as part of a restructuring, keeping them within the group. 
But the sale has instead gone to Guangzhou R&amp;F Properties, a firm that has purchase other Wanda property assets.
Wang’s Wanda Hotel Development Co. said in November that it was doing a strategic review of its projects stretching from Sydney to Chicago and would consider opportunities that create value for shareholders.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Wang Jianlin's Dalian Wanda Group sells the One Nine Elms project  

<html><body>
Wang Jianlin, the chairman of Chinese property group Dalian Wanda, plans to sell his majority stake in Wanda’s Hong Kong-listed arm to a privately held holding company fully owned by the business tycoon.
The proposed deal would mean the sale of Wang’s 3,055,043,100 shares or 65.04 per cent ownership stake in Wanda Hotel Development to Wanda Investment Holding Company (New Holdco) for HK$1.20 a share, or the equivalent in shares from New Holdco, the Financial Times reported citing a regulatory filing.
The two subsidiaries signed a legally non-binding letter of intent to complete the sale before January 31 of next year, the FT said.
Monday’s announcement is part of an ongoing asset reshuffling between Dalian’s remaining listed arm and Wanda’s unlisted holding companies. 
That reshuffle has decreased the overall transparency of the Wanda empire. 
Wanda Hotel Development has been transformed from a property developer to solely managing and designing Wanda’s tourism and hotel properties in an “asset light” approach the developer has taken to mitigate low property sales. 
The proposed sale could give Wang, the chairman, greater control over another piece of Dalian Wanda’s network of subsidiaries as he centralises assets under New Holdco and unlisted holding company Dalian Wanda Commercial Properties (DWCP). Mr Wang privatised DWCP last year. 
Dalian Wanda was one of the four Chinese companies regulators began probing this year for systemic financial risks after it embarked on an aggressive deal-making spree overseas. 
Wanda also sold its interest in its largest ski resort to a friendly company earlier this year, the FT reported.
The sale, uncovered by a search of corporate records, seems to be an effort by Wanda to rebuild its finances amid government pressure to rein in its dealmaking activities. 
Corporate registry information on the Changbaishan ski resort, in China’s north-west near the North Korean border, was changed in June to show that Dalian Yifang group holds 98.33 per cent of Changbaishan stock and Wanda is no longer on the shareholder list.
The price and the timing were not immediately available. 
Dalian Wanda declined to comment. 
Dalian Wanda have said from time to time they <a href="https://www.urban.com.au/news/78281-dalian-wanda-ascertain-interest-in-property" target="_blank">ascertain interest in its property projects</a>. But they deny this week's report by the South China Morning Post that Wanda were offering to sell five of its biggest overseas properties in the UK, US and Australia.
In August the group had to come out and deny rumours they were selling their Gold Coast and Sydney projects, which comprise $2 billion of the $6.6 billion portfolio.
</body></html>

Dalian Wanda chairman Wang plans to sell stake to self-owned holding company

<html><body>
Chinese property and entertainment giant Dalian Wanda have said from time to time they ascertain interest in its property projects. But they deny this week's report by the South China Morning Post that Wanda were offering to sell five of its biggest overseas properties in the UK, US and Australia.
Wanda suggested that they were "approached by third parties from time to time" in a statement posted to the Hong Kong stock exchange.
“Following the recent changes in some directors of the Company, the Company is undertaking a strategic review of its property projects and will consider any business opportunities which can create value for shareholders,” the statement read.
They were supposedly seeking a single buyer who would stump up $6.6 billion (US$5 billion).
In August the group had to come out and <a href="https://www.urban.com.au/news/74256-wanda-says-gold-coast-sydney-projects-on-track-media-reports-of-sale-incorrect" target="_blank">deny rumours</a> they were selling their Gold Coast and Sydney projects, which comprise $2 billion of the $6.6 billion portfolio.
They rubbished the rumours a day before they <a href="https://www.urban.com.au/news/74355-wanda-restructures-australian-projects" target="_blank">restructured their Australian projects</a>, selling them to a private entity controlled by the company's founder, Wang Jianlin
Last month they started <a href="https://www.urban.com.au/news/76928-troubled-chinese-developer-wanda-has-moved-to-sell-its-off-the-plan-apartments-in-the-one-circular-quay-project" target="_blank">marketing One Circular Quay</a>, their Sydney project overlooking the harbour (above).
Their Gold Coast project (below) is yet to be marketed.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/22/Wanda2.jpg" alt="">
 
 
</body></html>

Dalian Wanda ascertain interest in its property "from time to time"

<html><body>
The South China Morning Post has reported the Chinese conglomerate Dalian Wanda Group, once a serial acquirer of overseas assets, has offered all five of its large-scale projects in Britain, the US and Australia to a single buyer for an estimated $6.6 billion (US$5 billion), as Beijing tightens control over companies’ offshore investments.
It reported potential investors have been approached by representatives of Wanda looking to sell all five projects in one go, according to two people familiar with the matter, who did not wish to be identified.
“They are looking for one buyer who can snap up five development projects in five cities,” one of the sources told the newspaper.
<div class="sentifi-widget">
<div class="sentifi-widget" data-wid="272">“That will be a big investment. But basically they intend not to sell the assets at below cost, which is about US$5 billion.”</div>
<div class="sentifi-widget" data-wid="272"> </div>
<div class="sentifi-widget" data-wid="272">Both Wanda’s Australian assets – the US$1 billion Circular Quay apartment and hotel tower and the US$900 million Jewel project on the Gold Coast - appear on the reputed sell-off list.</div>
<div class="sentifi-widget" data-wid="272"> </div>
<div class="sentifi-widget" data-wid="272">The UK project up for grabs is One Nine Elms, a two-tower residential and hotel development currently under construction in London. The US$1 billion development was acquired by Wanda from UK-based Green Property in 2013.</div>
<div class="sentifi-widget" data-wid="272"> </div>
<div class="sentifi-widget" data-wid="272">In the US, Wanda plans to sell its Vista Tower, which will be Chicago’s third-tallest building when it is completed in 2020, and a US$1.2 billion luxury condominium and hotel complex near the corner of Wilshire and Santa Monica boulevards in Beverly Hills, California.</div>
<div class="sentifi-widget" data-wid="272">
Sydney CBRE's chairman of residential marketing Justin Brown indicated no knowledge saying Wanda's Circular Quay project was progressing through a "strong" expression of interest campaign with apartment buyers.
<a href="https://www.urban.com.au/news/76928-troubled-chinese-developer-wanda-has-moved-to-sell-its-off-the-plan-apartments-in-the-one-circular-quay-project" target="_blank">Launched last month</a>, no big sales have yet been announced by CBRE. And nothing forthcoming from BlackDiamondz which this month claimed, without specification, in an AFR piece to have been assisting Wanda through BlackDiamondz's new publicity and marketing division.
"We haven't been advised that the project won't progress to a launch," Brown told Fairfax Media.
The Australian report that the two Australian assets had also been offered around as a pair, but without success as interest was only in the Sydney project.
The sales at the Gold Coast project had been "sluggish," The Australian reported.
</div>
</div>
 
</body></html>

jonathanchancellor-7SQnKwU6yx

CBRE chairman shrugs off speculation of Wanda's mooted exit from Australia

<html><body>
China's Dalian Wanda Group, facing a lending freeze by China’s major banks, is in discussions for the sale of two projects worth nearly $2 billion on the Gold Coast and in Sydney.
Talks are on in Hong Kong for the sale of its Circular Quay apartment and hotel tower in Sydney and the Jewel resort on the Gold Coast, The Australian Financial Review reported citing sources. 
The development comes within days of Wanda saying that its $1 billion <a href="https://www.urban.com.au/news/73248-wanda-says-1-billion-gold-coast-project-on-track-despite-china-lending-curbs" target="_blank">Gold Coast project was on track</a> despite Beijing asking the country’s major banks to stop lending to the developer. 
Wanda’s Sydney CBD project includes a $1 billion dual-tower development in the heart of Circular Quay by 2020.
The One Circular Quay development is close to launching its 190 luxury apartments and a 181-suite five-star hotel is under way.
Wanda is likely to sell the projects to a Hong Kong-based buyer.
A spokesperson for the company said "the operation of Wanda's two projects in Australia is continuing smoothly".
Wanda, owned by billionaire Wang Jianlin, has faced the heat from Chinese authorities in recent weeks over concerns that it, and other private companies, overpaid for foreign assets and these now pose a systemic risk to the Chinese banking system.
Other companies on the radar of  authorities include the HNA Group, which holds a 13 per cent stake in airline Virgin Australia, Fosun Group, which is developing apartments in Brisbane and Sydney and Anbang Insurance, which bought New York's Waldorf Astoria Hotel in 2014.
Beijing is worried about offshore deals going bad and capital outflows putting downward pressure on its currency.
China's outbound investment nearly halved in the first half of this year to US$64.2 billion and its Vice Minister for Commerce Qian Keming said last week that "irrational" offshore investment had been contained, the AFR reported.
In 2016, Chinese investors announced outbound deals worth a record US$219 billion, according to data from Dealogic.
Wanda is also selling assets at home.
Last month it sold a group of theme parks and hotels in China for $US9.3 billion, despite Wang previously saying he would use this portfolio to outdo Disney.
"The frenzy of Mickey Mouse and Donald Duck and the era of blindly following them have passed," Wang told China's CCTV last year.
Subsidiary Wanda Film Holding, operator of China’s largest cinema chain, has also announced a planned restructure.
Wanda sold a parcel of land on the Gold Coast last November to another Chinese entertainment group Songcheng for $55 million.
The agent who did that deal, Knight Frank's Roland Evans, is in Hong Kong this week but declined to comment on any discussions taking place.
</body></html>

Dalian Wanda weighing exit sales in Gold Coast and Sydney after funding crunch

<html><body>
Chinese property and entertainment giant Dalian Wanda, owned by billionaire Wang Jianlin, said its $1 billion Gold Coast apartment project remains on track despite Beijing asking major banks there to stop lending to the group.
Dalian Wanda is also set to change the Sydney CBDs skyline with a $1 billion dual-tower development in the heart of Circular Quay by 2020.
The penthouse has record-breaking $60 million price hopes.
The One Circular Quay development is close to launching its 190 luxury apartments and a 181-suite five-star hotel is under way, and appears to have secured ­finance locally, The Australian reported.
Wanda declined to comment on that project.
Last September, the group had asked banks for a $200 million two-year bridge loan for its “No 1 Sydney” project and representatives from state-linked banks attended its launch this year, The Australian reported.
The group secured a $230 million loan to back its purchase of Gold Fields House and Fairfax House in 2016. Wanda Commercial Properties and Wanda Hotel Development teamed up to buy the assets for about $487.7 million and announced plans to invest about $1 billion on the project.
However, the group has come under scrutiny in China.
The Wall Street Journal reported that Chinese regulators had ordered the country’s big banks to <a href="https://www.urban.com.au/news/73179-big-banks-ordered-to-put-the-brakes-on-loans-to-dalian-wanda-group" target="_blank">put the brakes on loans</a> to Dalian Wanda Group.
The State Council, China’s cabinet, put in place rules restricting outbound Chinese investment in late November, in a bid to prevent money from leaving the country as accelerated outflows put enormous pressure on the Chinese yuan.
As part of the rules, Chinese companies are discouraged from making overseas deals related to real estate and entertainment.
Chinese bank regulators met bank executives on June 20 and advised them that six of Wanda’s foreign acquisitions, including Hollywood producer Legendary Entertainment, were subject to government capital restrictions enacted last year.
Dalian Wanda has also partnered with Ridong Group to develop the beachfront Jewel towers in Surfers Paradise, that will comprise of apartments and a hotel. They are expected to be complete in 2019. More than one third of the apartment space in the $1 billion towers have been sold.
A spokeswoman for the Jewel project said there were “no effects” for the project from the Chinese regulatory decision.
“The Jewel development is a development by Wanda Ridong Gold Coast Development, which is a joint venture with Wanda, established in Australia as a separate entity between Ridong Group and Dalian Wanda, so it doesn’t fall under China’s regulatory jurisdiction,” she said.
</body></html>

Wanda says $1 billion Gold Coast project on track despite China lending curbs

<html><body>
The Wall Street Journal reports Chinese regulators have ordered the nation’s big banks to put the brakes on loans to Dalian Wanda Group.
It is the giant property and entertainment company owned by billionaire Wang Jianlin.
Dalian Wanda is set the change the Sydney CBDs skyline with this <a href="https://www.urban.com.au/expert-insights/buying/69374-wanda-s-one-circular-quay-has-2020-completion-date" target="_blank">$1 billion dual-tower development</a> in the heart of Circular Quay by 2020.
The penthouse has <a href="https://www.urban.com.au/news/69333-chinese-developer-wanda-to-launch-1-billion-circular-quay-development" target="_blank">record-breaking $60 million</a> price hopes.
Chinese banking regulators met with executives at the country’s big state-owned lenders on June 20 and advised them that six of Wanda’s foreign acquisitions, including Hollywood producer Legendary Entertainment, were subject to government capital restrictions enacted last year, ­according to a document from one of the participating banks that was reviewed by The Wall Street ­Journal.
The document is likely to refer to Wanda’s deals dating back about five years in the US and ­Europe, according to a source.
The State Council, China’s cabinet, put in place rules restricting outbound Chinese investment in late November, in a bid to prevent money from leaving the country as accelerated outflows put enormous pressure on the Chinese yuan.
As part of the rules, Chinese companies are discouraged from making overseas deals related to real estate and entertainment.
Although most of the deals have already closed, the action would appear to block Wanda from getting new financing in connection with them from Chinese banks.
The document appears to shed light on Dalian Wanda’s surprise decision last week to sell most of its theme parks and hotels to developer Sunac China Holdings for $US9.28 billion ($12bn).
Wanda, controlled by billionaire Wang Jianlin, started as a property developer but moved into entertainment to diversify and expand its holdings. 
Wanda's biggest Queensland project currently is <a href="https://www.urban.com.au/expert-insights/buying/71843-wanda-s-gold-coast-jewel-tower-three-pre-launch-begins-with-more-than-120-interested-buyers" target="_blank">Tower Three in the Gold Coast</a>. The 108 luxury apartment tower has one, two and three bedroom apartments.
 
</body></html>

Dalian Wanda

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Dalian Wanda

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News