There has been no shortage of twists, turns and controversy with the years-long development of One Beverly Hills by China-based Dalian Wanda Group. Here’s the latest: Wanda now wants to sell One Beverly Hills, in a package deal with four other of its massive worldwide developments, at a cost of $5 billion.
One Beverly Hills is a luxury hotel and condominium complex currently under construction on a property spanning between Wilshire and Santa Monica Boulevards. It is slated to have 13- and 15-story buildings, that once completed will contain 193 residential units, 134 hotel rooms and restaurant space.
Wanda has put a price tag of $1.2 billion on One Beverly Hills. The other properties in the package include the $1 billion One Nine Elms in London; $900 million Vista Tower in Chicago; $1 billion One Circular Quay in Sydney; and the $900 million Jewel Resort in Gold Coast.
Why Wanda’s decision to unload these massive projects now? Reports indicate it’s the result of the Chinese government’s recent crackdown on foreign investment. Led by Wanda, Chinese companies in recent years have been on a massive foreign spending spree. Last year alone, foreign investment by Chinese companies reached a whopping $200 billion. Wanda is one of the biggest. It currently owns $40 billion worth of property worldwide, according to The Real Deal.
As a result, the Chinese government has taken steps to stem the flow of money out of the country.
According to reports, the desire of Wanda Group is for a single buyer to purchase the five properties. We’ll keep you posted.