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Report: Dalian Wanda mulls A$1.9B sale in Australia

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Report: Dalian Wanda mulls A$1.9B sale in Australia

Chinese conglomerate Dalian Wanda Group Co. Ltd. is considering the sale of two projects in Australia worth about A$1.90 billion, The Australian Financial Review reported, citing two unnamed sources.

According to the Aug. 7 report, the group is holding discussions with potential buyers in Hong Kong for its A$1 billion Circular Quay mixed-use development in Sydney and the A$900 million Jewel resort on Queensland's Gold Coast. Both projects are still under development.

The potential sale follows Beijing's plan to enforce stricter capital control measures in China, the paper noted, adding that other mainland companies might follow Dalian Wanda's example and pull back from developments in Australia.

In July, the China Banking Regulatory Commission banned major state-owned banks from providing loans to the conglomerate for its offshore transactions. The regulator's scrutiny of the conglomerate was also said to be the reason why it agreed to sell most of its theme parks and hotels to Sunac China Holdings Ltd. and Guangzhou R&F Properties Co. Ltd.

As of Aug. 7, US$ 1 was equivalent to A$1.26.