(Yicai Global) Nov. 26 -- Wanda Group has completed the sale of its last remaining real estate project abroad, concluding the Chinese conglomerate’s exit from overseas markets after a multi-year flurry of acquisitions.

Shares of the subsidiary that sold the property, Wanda Hotel Development [HKG: 0169], closed 10.3 percent higher today at 32 Hong Kong cents (4 US cents) each, after earlier climbing as much as 17 percent.

Wanda Hotel signed a deal on July 24 to sell its Vista Tower project in Chicago to Magellan Parcel C/D for USD270 million, from which it expected to make USD12.1 million. In a statement yesterday, the Dalian-based firm said it had completed the sale of the 89-storey building, which was slated to become the US city's third tallest.

Wanda began in 2012 to acquire big real estate, entertainment and sports assets abroad, including in Australia, the United Kingdom, and the United States. That buying spree came to an end after China began to limit outbound overseas investment in those fields in 2017. In January 2018, the company sold three large assets: one in London and two in Australia.

Wanda lost CNY3.3 million (USD502,000) in the first half of this year. Its revenue fell 37 percent to CNY227 million (USD29.3 million) from a year ago.

Editor: Emmi Laine