(Yicai Global) July 30 -- Chinese conglomerate Wanda Group has sold its last remaining real estate asset overseas to pare debt and focus on its main business. The seller’s shares almost doubled in value.

Wanda Hotel Development signed an agreement on July 24 to sell its Vista Tower project in Chicago for USD270 million, the unit of Beijing-based Wanda announced today. Its shares [HKG: 0169] closed 22.6 percent higher today at 32 Hong Kong cents (4 US cents) each, after climbing as much as 92 percent in intraday trading.

Founder and Chairman Wang Jianlin made it clear at the Wanda Group’s annual meeting in January 2018 that the company would will sell its overseas assets and gradually liquidate all of its overseas interest-bearing liabilities. Wanda had owned five projects in the UK, the US and Australia, which were gradually sold from 2018.

Wanda Hotel Development said that the sale of Vista Tower will help reduce the group’s debts and improve its financial position. In addition, the group will be able to deploy its resources to focus more on the development of the hotel management and operational service business.

When completed this year, the 350-meter-high Vista Tower will become Chicago’s third-tallest building, complete with a five-star hotel. Pre-sale of its high-end apartment section began in September 2015 and by the end of December 2017, about 56 percent of the total area on sale had been pre-sold.

The sale is expected to generate revenue of about HKD94 million (USD12.1 million), which will be split 60-40 between Wanda Hotel Development and Wanda Group’s Hong Kong business.

Editor: Peter Thomas