After Beijing clampdown on overseas investment, site is sold, with permission for 1,900 flats, to unidentified buyer
China’s largest commercial property company has ditched plans to buy Nine Elms Square in south-west London after a clampdown by regulators in Beijing on overseas investment.
A joint venture between St Modwen Properties and Vinci had exchanged contracts to sell the 10-acre site, previously home to the New Covent Garden flower market, to Dalian Wanda’s Hong Kong division in June. It has now been sold to an unidentified buyer for £470m.
The site, which has planning permission for 1,900 “high-quality” flats, most with river views, forms part of the revamp of the Nine Elms area south of the Thames, where 20,000 mainly luxury homes are being built by a number of developers. It is the capital’s largest residential development site.
Dalian Wanda, whose assets range from property to entertainment, is run by one of China’s richest men, Wang Jianlin.
