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Wanda to open in London for €533 million

The purchase of a site at Nine Elms Square, in the heart of London by the Chinese promoter Wanda is the first step towards an ambitious real estate project.

The Chinese real estate promoter Wanda Group announced the acquisition of a site at Nine Elms Square for £470 millions (€533 millions), located south of the Thames and near major London tourist sights. The lot, which is more than 4 hectares, was already part of a  real estate development project and Wanda will pursue it: the project involves the construction of three residential towers with 32 to 54 floors for a total of 1821 apartments.

A few years ago, the most important Chinese promoter bought a neighboring site at One Nine Elms. the plan was for a similar project combining offices and a residential complex; a lack of entrepreneurs to carry out construction led to delays in the project that has not advanced to this day.

This new acquisition, realized in the form of a joint venture with promoters previously responsible for developing the site, should help Wanda realize its ambitions for London. It should be observed that no later than last week the group was under examination by the China Banking Regulatory Commission, causing its shares to lose significant value.  

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