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Chinese investor and developer Dalian Wanda is selling a global portfolio of major development schemes following increased regulatory scrutiny from the Chinese government.
Wanda is looking for a single buyer for a portfolio of five projects that it values at around $5B, according to the South China Morning Post.
The portfolio includes luxury apartment development One Beverly Hills in Los Angeles, which it values at $1.2B; the 89-story Vista Tower hotel and apartment scheme in Chicago, valued at $900M; and One Nine Elms in London, two towers under construction that will comprise apartments and a hotel, valued at $1B.
The final two assets are hotel and apartment developments in Australia.
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Wanda has been reining in its overseas expansion after it (alongside companies such as Fosun, HNA and Anbang) became subject to increased regulatory scrutiny from the Chinese government.
The government is trying to ensure that investors are not using excessive debt to buy global assets, and is trying to bolster the value of the country’s currency by limiting the amount of capital being invested abroad.
Knight Frank head of valuation for Hong Kong Thomas Lam told the SCMP it would be tough to find a single buyer for such a complex portfolio.
In August Dalian Wanda pulled out of a deal to buy the former New Covent Garden Market residential development site in London due to the government crackdown.
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