China's Dalian Wanda Australian operations not for sale: Aussie chief

Updated 2017-08-10 09:53:51 Xinhua
John Wei, managing director of Dalian Wanda's Australian arm Wanda One Sydney, is interviewed in Sydeny, Australia, on Aug. 9, 2017. (Xinhua/Zhu Hongye)

John Wei, managing director of Dalian Wanda's Australian arm Wanda One Sydney, is interviewed in Sydeny, Australia, on Aug. 9, 2017. (Xinhua/Zhu Hongye)

Despite reports to the contrary, the head of China's Dalian Wanda operations in Australia confirmed on Wednesday that there are no plans for any sale of their Australian assets.

John Wei, managing director of Dalian Wanda's Australian arm Wanda One Sydney, told Xinhua that the reports that emerged from a story published by local Australian media on Tuesday were categorically false.

"The report from the Australian Financial Review that says that Wanda is going to sell two projects - Gold Coast and Sydney projects - it is completely false," Wei said.

"We cannot stop the people who want to spread these rumors, but when the truth comes out, the rumor disappears. The Wanda One Sydney projects are going very well, and everything is on time."

Wanda One Sydney currently has two major developments in the pipeline in Australia, with the One Circular Quay development and its 190 luxury apartments and five-star hotel almost set to launch, while their Jewel towers in the popular Australian tourist location of the Gold Coast is set to be completed within the next two years.

The large-scale property developer operates according to a high-end luxury development based model, and Wei said that with the significant holdings of the company in Australia, it would defy logic to suggest that they are under any kind of financial stress.

Wei was adamant that the Wanda Sydney projects had no issue with obtaining finance - either from its parent organization in China, or through facilities being made available by local and international banks - and in fact, all operations were fully financed and running smoothly, with development continuing as per schedule.

Furthermore, the managing director made clear that there should be no concern from any potential investors as to the long-term commitment that Wanda has for all the current, and future development plans in Australia - plans that provide for thousands of jobs and are an overall boon to the local economy.

"We are a very mature international investment developers - we are successful across the world. By following very clear logic, and maintaining very positive cash flow, with a solid framework and operations." Wei said.

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