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Dalian Wanda completes sale of London project

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Dalian Wanda completes sale of London project

Dalian Wanda Group Co. Ltd., through two of its units, has completed the disposal of the One Nine Elms project in London to Chinese developer Guangzhou R&F Properties Co. Ltd.

Wanda Hotel Development Co. Ltd.'s deal with Guangzhou involved the sale of a 60% stake in the project company for about £35.6 million. In January, Guangzhou agreed to repay approximately £159.5 million in debt to Wanda Hotel on behalf of the project company, a debt that was later revised in June to about £161.3 million under a supplemental agreement.

Wanda Hotel said in a release that £90.0 million of the debt remains outstanding as at July 6.

Wanda Commercial Properties (Hong Kong) Co. Ltd., meanwhile, sold the remaining 40% stake in the project company at the same per-share price.

One Nine Elms was Dalian Wanda's first and only London project and was expected to include apartments, offices, retail space and a hotel.