Chinese multinational Dalian Wanda has sold their two development projects in Australia for a combined price of $1.13 billion. The two-tower luxury hotel and apartment development at One Circular Quay, Sydney (1 Alfred St) and the three tower Jewel project on the Gold Coast consist were sold to investment company Yuhu Group. The sale was undertaken by Dalian Wanda in order to reduce its debt levels, and marks an exit by Dalian from the Australian market.
Reporting Season commences this week with a number of A-REIT’s reporting, including SCA Property Group (ASX: SCP), Australian Unity Office Fund (ASX: AOF), BWP Trust (ASX: BWP), Mirvac (ASX: MGR), Centuria Industrial REIT (ASX: CIP) and Centuria Metropolitan REIT (ASX: CMA) all due to release results this week.