(Yicai Global) Nov. 20 – Chinese real estate giant Dalian Wanda Group Co. has reached out to investors regarding the divestment of five overseas real estate projects for about USD5 billion (CNY33.12 billion). Wanda intends to sell its projects in the UK, the US and Australia to the same buyer, the South China Morning Post citing people familiar with the matter as saying.
The report did not indicate the identity of the buyer, and Wanda Group has not yet responded to the reports.
The five projects reportedly include One Nine Elms Complex, a skyscraper complex in London, Chicago's Vista Tower, One Beverly Hills in Los Angeles, Sydney's Circular Quay apartment project and the Gold Coast project in Australia.
Wanda announced plans to develop the H-share listed Wanda Hotel Development Co. [HKG:0169] as the group's light-asset platform following the sale of its cultural tourism projects in July. The firm will also look to acquire total equity of Wanda Culture Travel Innovation Group, Wanda Group's cultural tourism business for CNY6.3 billion.
Wanda Hotel Development replaced half of the board of directors on Nov. 17. The company's former executive director Liu Zhaohui, and non-executive directors, Qi Jie and Qu Dejun resigned. Ning Qifeng, president of Wanda Hotel Management (Shanghai) Co. became executive director of the company, while Zhang Lin, former executive president of Wanda Culture Industry Group and Xu Yong, Wanda Commercial Properties vice president, secretary of the board of directors and general manager of the securities department, became non-executive directors.
The appointment of Zhang Lin, 45, who has been an important figure in Wanda's cultural strategy in recent years, was seen as a further adjustment of Wanda's business structure. He is currently director of Wanda Cinema, chairman, and director of AMC Entertainment Holdings Inc. [NYSE:AMC], board chairman of Infront Holding AG and chairman of World Triathlon Corporation. He is also executive president of Wanda Culture Industry Group.