China Developer Disposed Overseas Property Assets

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Major China Developer Cashed Out on Australian Property Assets

January 24, 2018

China developer disposed assets in Australia but didn't identify the buyer's name. One of China's biggest property developers, China Wanda, has said it has disposed of its flagship Australian property assets.

The apartment projects at Sydney's Circular Quay, which is still under construction, and the Gold Coast. The company did not disclose the buyer of the assets.

The company made an announcement to the Hong Kong stock exchange that it had entered into a deal to sell a subsidiary that "has rights and interests in certain property projects in Australia" "to an independent third party", but did not identified the buyer's name.

Chinese news media reported "The bidders for both projects in Australia are foreign institutions but the buyers behind are domestic Chinese enterprises," citing unnamed sources.