Dalian Wanda ditches Nine Elms Square plans as unnamed investor swoops in to agree £470m sale

Oliver Gill
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China's Dalian Wanda exchanged contracts on Nine Elms Square on 21 June

Chinese conglomerate Dalian Wanda has ditched plans to buy London's Nine Elms Square, it was announced this morning.

Property developer St Modwen Properties said it has sold the building for £470m to an unnamed buyer.

St Modwen and joint venture partner Vinci said the sale was "following an exchange of contracts announced on 21 June 2017". On such a date it was announced it had exchanged contracts with Wanda Commercial Properties.

But Wanda International Real Estate said in a statement to Reuters the 10-acre site belongs to a third party.

Read more: One Nine Elms owner flogs $9.3bn in hotel holdings to rival

News of the Chinese firm walking away from a large overseas investment comes after the country's cabinet reiterated on Friday it would limit local firms' overseas investment in property, hotels, entertainment, sports clubs and the film industry.

Chinese banks have been told not to fund a number of Wanda's overseas acquisitions, sources have told Reuters.

Read more: Dalian Wanda stock suspended after "dump" speculation

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