China’s Dalian Wanda drops plans to buy Nine Elms Square in London

on Aug22

Wanda Plaza in Tongzhou, China.

Zhang Peng | LightRocket | Getty Images

Wanda Plaza in Tongzhou, China.

Dalian Wanda Group said on Tuesday it had scrapped plans to buy Nine Elms Square in London, the latest setback for the Chinese conglomerate as Beijing tightens controls on overseas investment.

St. Modwen Properties, owner of the London building, said on Monday it had completed the 470 million pound ($605.6 million) sale, without naming the buyer. It said in a June filing it had exchanged contracts with Wanda Commercial Properties (Hong Kong).

Wanda’s International Real Estate Center said in a statement to Reuters on Tuesday that ownership of the 10-acre (4-hectare) Nine Elms belonged to a third party.

It is unclear who the buyer is at this stage. A sale of Nine Elms was first mooted in 2013.

China’s cabinet on Friday reiterated it would limit overseas investment in property, hotels, entertainment, sports clubs and the film industry, and planned to maintain a blacklist of domestic firms that violated overseas investment rules.

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