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Dalian Wanda, the Chinese property and entertainment conglomerate, denied reports on Tuesday that it was looking for a buyer for five of its overseas property developments.
In a statement posted to the Hong Kong stock exchange, Wanda declared media reports as untrue though it is “approached by third parties from time to time” to discuss property sales.
“Following the recent changes in some directors of the Company, the Company is undertaking a strategic review of its property projects and will consider any business opportunities which can create value for shareholders,” according to the statement.
Hong Kong’s South China Morning Post reported last week that Wanda was offering to sell five of its biggest overseas properties in the UK, US and Australia to a single buyer for $5bn. Among those five properties is its One Nine Elms project in London.
Earlier in August, four of those five projects were shuffled from Wanda’s Hong Kong-listed arm to an unlisted subsidiary as part of a $1.1bn restructuring, a move analysts at the time said allowed Wanda to unload expensive ongoing projects away from its public arm.
The August restructuring came a day after the group denied rumours it was trying to sell nearly $2bn of property projects in Australia. Both those property projects were among those SCMP reported were up for sale.
The company is one of four companies under financial scrutiny after completing a spree of outbound acquisitions. The fortunes of its chairman, Wang Jianlin, have plunged this year a result of heightened regulatory oversight.