Last week we saw more fall-out from China’s current moves to restrict overseas investments as we saw China’s largest commercial property player Dalian Wanda dropped the 470 million GBP purchase of Nine Elms Square in south-west London.
St Modwen Properties and construction firm Vinci exchanged contracts to sell in June.
Two other Chinese property developers have taken the baton on the deal, as the deal is being transacted offshore R&F Properties and C C Land Holdings do not require permission from Chinese regulators.
CC Land, bought London’s “Cheesegrater” tower for £1.15bn in March.
Nine Elms Square comes with planning permission for 1,900 “high-quality” flats, South of the Thames around Battersea power station, where 20,000 mainly luxury homes are being built by developers. It is London’s largest residential development area.
Beijing issued rules last Friday to limit overseas investment in property, hotels, entertainment, sports clubs and the film industry and threatened to blacklist firms that violated those rules.
Chinese investors have spent a record £4bn on commercial property in the City of London and the West End so far this year.
The Chinese government has reportedly blocked banks from funding some of Wanda’s overseas investments.
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