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Wanda pulls out of London project

By Cecily Liu | | Updated: 2017-08-23 13:36

Wanda pulls out of London project

Demolition works takes place at the Nine Elms Square construction site in London, Aug. 22, 2017. [Photo/VCG]

Chinese conglomerate Dalian Wanda has pulled out of plans to buy part of the Nine Elms Square site in central London.

The company said it has transferred its interest in the 470-million-pound ($603 million) development to Hong Kong-listed R&F Properties and CC Land.

Wanda had been planning to make the purchase from a joint venture between British companies St Modwen Properties and Vinci.

The 40,500-square-meter Nine Elms Square plot has outline building consent for 1,821 flats across three towers of between 32 and 54 storeys.

The consent was previously obtained by St. Modwen and Vinci, which had plans to develop 230,700 square meters of land around the Nine Elms area.

Earlier this year, R&F acquired a mixed-used development at Vauxhall Square, London, for 157.8 million pounds. The site sits adjacent to Nine Elms Square, meaning the developer controls two schemes at the Vauxhall end of the approach to Battersea Power Station.

CC Land is known in the UK for its 1.15-billion-pound purchase of The Leadenhall Building, commonly known as the Cheesegrater, in May.

Wanda last month agreed to sell most of its domestic theme park and hotel assets for $9.4 billion, while shares of the group's Wanda Film Holding Co unit have been suspended from trading since early July, pending a restructuring of the company.

In 2013, Wanda invested in One Nine Elms, an 88.8 million pound project with plans to build 437 homes across two towers in London rising to 42 and 58 storeys. Construction of One Nine Elms is underway, the site is located next to Nine Elms Square.

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