Dalian Wanda officially ends its three year real estate presence in Australia as Sydney developer Yuhu Group acquires all of their Australian assets including their Sydney and Gold Coast residential and hotel mixed-use projects for $1.13 billion.
Yuhu founder and chairman Huang Xiangmo stated that "Yuhu has faith that these two projects will inject new employment and boost the local economy. Yuhu is a local developer which is committed to investing in real estate and other developments in Australia. Together, these two five-star hotels will bring to the market about 1500 jobs."
The purchase price of these two developments includes a $315 million cash component with a debt owed to Dalian Wanda of $815 million. Yuhu intends to continue the construction of these buildings, including keeping the penthouse at the Circular Quay tower.
Article source: http://www.afr.com/real-estate/yuhu-group-buys-dalian-wandas-australian-assets-for-113-billion-20180129-h0q8n8?btis
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