China’s Dalian Wanda Denies Plans to Sell Australian Assets

Chinese developer Dalian Wanda Group has released a statement denying speculation that it is to sell out its two main projects in Australia, the $1 billion Gold Coast Jewel and Wanda One Sydney.

Managing director of Wanda One, John Wei, said that there were no plans to sell either project:

[Related reading: Multiplex appointed to build $1 billion Jewel resort]

Wanda’s denial comes after reports that Chinese corporates may be seeking to offload Australian assets after Beijing tightened control over Chinese offshore investment. China’s banking regulator, The China Banking Regulatory Commission (CBRC) told banks in June to report back on loans they’d made to Dalian Wanda.

In a statement released on Tuesday, the company said: “Having made such enquiry internally as is reasonable in the circumstances, the Company wishes to clarify that, as of the date of this announcement, the Company does not have any plan to make the said disposals referred to in the Media Reports.”

Both projects are well into construction. The beachfront Jewel towers at Surfers Paradise is due to be completed in 2019. The One Circular Quay development is close to launching its 190-apartment residential-tower. A five-star, 179-room hotel is under way.

According to the Financial Review, the latest central bank figures put China's foreign reserves at $US3.05 trillion, up slightly from the previous month but well down from their peak of nearly $US4 trillion.