Wanda denies reported project sales in Australia

Updated 2017-08-09 09:49:01 Global Times

China's Dalian Wanda Group on Tuesday denied media reports that suggested the company is looking to sell two major development projects in Australia as it faces intensified scrutiny from the Chinese government over its overseas expansion.

Wei Jia, head of Wanda's operations in Sydney, told Caixin magazine that the news reports are total rumors and Wanda hasn't talked to anyone in regard to selling the projects.

"Construction for the two projects is currently going very well and sales of residential [properties] are good," Wei noted.

The projects in question are a hotel and apartment project in Circular Quay in Sydney and a hotel project in the Gold Coast. The project in Sydney has an estimated investment of .2 billion and the project in the Gold Coast will cost 0 million, according to the company's website.

The Australian Financial Review, citing unidentified sources, reported that Wanda is holding talks in Hong Kong for the sale of the two projects, adding that a Hong Kong-based buyer is most likely to take over the projects.

The report published on Monday also noted that Wanda had been under pressure from officials over its overseas expansion and a freeze on bank lending and that it could be "the first of many" by companies from the Chinese mainland pulling back from Australia.

In a statement on Tuesday, Wanda Hotel Development Co said that the company is not planning on selling the projects and they are in progress as planned.

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