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June 20, 2013
One Nine Elms bought by Chinese Conglomerate Dailin Wanda
The Wanda group has recently acquired the One Nine Elms mixed-used development consisting of 1.13 million square feet of prime residential, commercial and retail space from Irish developer Green Property this month. Dailin Wanda is one of China’s largest commercial property and entertainment conglomerates, headed by its chairman, rumoured to be China’s third richest man Wang Jianlin, with a personal approximate net worth of £5 billion or $8.6 billion.
East Asia is often a first pit-stop for many developers looking to sell units in new build schemes in London as buyers from the region have been typically reported to make up more then 50% of purchases in new builds. This marks a substantial off plan investment in the capital south of the river Thames and follows the £400 million purchase of Battersea Power Station site by a Malaysian consortium last year. Wanda is also looking to establish its own five star hotel in the development marking the first time a luxury hotel has been opened by a Chinese firm overseas. The total investment value is approximately £700 million for the mixed used development of which one of the towers will be London’s tallest residential buildings.
Further diversifying its portfolio holdings, Wanda has also invested and acquired a majority shareholding in a pre-eminent UK luxury motor yacht manufacturer named Sunseeker. This investment undertaking totaled at an investment value of about £320 million for a 91.81% stakeholder majority in the company. It is not only in the UK that Dailan Wanda has placed its mark, as just last year the group purchased U.S. movie chain AMC Entertainment Holdings Inc. for about $2.6billion. It has been estimated that Mr. Wang’s planned projects spanning four continents sums up to an astounding $14.3 billion investment. He also recognizes that its international acquisitions present a risk as they may fail but he states that “failures are our tuition” and ought to be learned from.