SHANGHAI :
Wanda Denies Rumored Purchase of London Parcel; Share Price Slumps 6% on the News
Dou Shicong
DATE:  Aug 23 2017
/ SOURCE:  Yicai
Wanda Denies Rumored Purchase of London Parcel; Share Price Slumps 6% on the News Wanda Denies Rumored Purchase of London Parcel; Share Price Slumps 6% on the News

(Yicai Global) Aug. 23 -- Leading Chinese real estate developer Dalian Wanda Group Co. denied an alleged acquisition of the Nine Elms Square parcel in London, the UK. The share price of its listed arm, Wanda Hotel Development Co. [HKG:0169] plummeted by 6 percent on the news.

British publicly traded property firm St. Modwen Properties Plc [LSE:SMP] and French construction corporation Vincl Plc sold a 10-acre parcel at Nine Elms Square for GBP470 million (USD602 million), they said in a joint statement yesterday, without mentioning the name of the buyer. However, St. Modwen disclosed on June 21 that the land would be sold to a subsidiary of Wanda Group.

International Real Estate Center under Dalian Wanda Commercial Properties Co. [HK:3699] has cancelled the land acquisition, Bloomberg News reported yesterday, citing a statement issued by Wanda Group. Wanda Hotel Development closed 3.57 percent lower at HKD1.89 (USD0.24), after recovering from a 6 percent slump following the release of the statement.

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Keywords:   Wanda,Land Acquisition,Nine Elms Square,London