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Dalian Wanda advances London mixed-use project with new £500M financing

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Dalian Wanda advances London mixed-use project with new £500M financing

China's Dalian Wanda Group Co. Ltd. obtained £500 million infinancing for its stalledregeneration scheme at One NineElms in London, negating post-Brexit concerns surrounding the U.K. property market.

The loan, provided by Chinese bank Ping An, has allowed theproperty giant to enter into a pre-construction agreement with Balfour Beatty,according to London's Financial Times.

A falling out between Dalian Wanda and its originalcontractor, a joint venture between Interserve and China State ConstructionEngineering Corp., had initially halted the project.

The mixed-use development will feature 437 homes and afive-star Wanda Vista hotel, which would be Dalian Wanda Commercial Properties Co. Ltd.'s firstasset under the hotel brand outside China. The planned two towers at the siteare targeted for completion by the end of 2019, according to the report.