Wanda lists One Beverly Hills for sale – along with four other projects – for $5B
The project has been experiencing turmoil since the Chinese government tightened its controls on overseas spending
China-based Dalian Wanda Group is now planning to sell five of its massive overseas projects to a single buyer capable of dishing out $5 billion, South China Morning Post reported.
The firm listed the $1.2 billion One Beverly Hills in Los Angeles, the $1 billion One Nine Elms in London, the $900 million Vista Tower in Chicago, the $1 billion One Circular Quay in Sydney and the $900 million Jewel Resort in Gold Coast.
Wanda’s Beverly Hills subsidiary, which planned the luxury condominium and hotel complex at 9900 Wilshire Boulevard, had agreed to pay the city of Beverly Hills a fee greater than $60 million in order to build it — a development fee that will be passed on to a new owner if the property trades hands, said former Beverly Hills Mayor John Mirisch. (Ironically, the city granted One Beverly Hills an extension on its permits this week.) To complicate matters further, Wanda split from Phoenix-based developer Athens Group, which ushered it through the entitlement process, this October for reasons that remain unclear.
Wanda Group’s biggest struggles stem from its home turf. The company, led by billionaire Wang Jianlin, has been seeing pushback from its own government as China buckles down on overseas investment. Wanda has been one of the largest buyers of foreign assets – it owns over $40 billion of property worldwide. [SCMP] – Natalie Hoberman