Wanda Hotel sees $55 mln gain from sale of stake in London property unit

Wanda Hotel Development

17/01/2018 02:46

HONG KONG, Jan 17 (Reuters) - Wanda Hotel Development Co Ltd 
 0169.HK , a unit of conglomerate Dalian Wanda Group, will post 
a HK$434 million ($55 million) gain from the sale of a 60 
percent stake in a company that invests in the high-profile One 
Nine Elms project in London. 
    Wanda Hotel is selling the stake in Wanda International Real 
Estate to an unidentified independent third party for 35.61 
million pounds ($49 million), the company said in a statement.  
    The buyer has also agreed to repay 159.5 million pounds  
($220 million) in debt owed by Wanda International Real Estate, 
it said. 
    Wanda Hotel said its controlling shareholder, Wanda 
Commercial Properties (Hong Kong) Co Ltd, would also sell the 
remaining 40 percent stake in the property project in southwest 
London. It did not elaborate.  
    Shares of Wanda Hotel surged as much as 11.3 percent in 
early trade on Wednesday.   
  
($1 = 7.8237 Hong Kong dollars) 
($1 = 0.7241 pounds) 
 
 (Reporting by Donny Kwok and Clare Jim; Editing by Edwina 
Gibbs) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: WANDA HOTEL LONDON PROPERTY/