Dalian Wanda Group has agreed to sell two Australian projects for A$1.13 billion ($913 million).
The buyer is AWH Investment Group, an associate of China-backed Australian property and investment group Yuhu Group.
The projects are One Circular Quay, a development with a Wanda Vista hotel, residences and commercial sites in Sydney, and the Jewel resort, a three-tower hotel resort and residences on the Gold Coast.
“Consistent with the company’s strategy to deleverage, the company considers that the disposal represents an opportunity for the group to realize its investment in both Gold Coast Project and Sydney Project and would benefit the group by strengthening the liquidity and financial position of the group,” Wanda Hotel Development told Reuters.
Wanda Group has made several divestments from the company in the past few months.
This month the firm sold its 40 percent stake in the One Nine Elms hotel project in South West London for about $81 million and a 60 percent stake in its London-based Wanda International Real Estate division for $49 million.
Wanda Hotel plans to use the proceeds to pay off loans and interest the company owes Wanda HK. In a company address earlier this month, Wang pledged that Wanda wouldn’t experience any defaults and promised to reduce the company’s debt burden “through all available means,” including the sale of more noncore assets. Wanda Commercial Properties owed more than $2 billion in offshore debt in 2016, according to its most recent regulatory filing.
The developer still has two overseas real estate projects, the $1.2 billion One Beverly Hills condo-hotel development in Beverly Hills, Calif., and a $900 million hotel, office and apartment complex in Chicago.
In separate news, Dalian Wanda Group Co. is selling a $5.4 billion stake in its property arm to a group of investors
