Dalian Wanda Group has dropped plans to buy the Nine Elms Square development site , part of the Nine Elms regeneration in Wandsworth, from St Modwen. R&F Properties, also Chinese, will buy the property instead.
Wanda, which last month sold 77 hotels to R&F, has reportedly been affected by a Chinese government clampdown on capital outflows and overseas direct investment. R&F also agreed to buy the nearby Vauxhall Square development from CLS Holdings for 158m earlier in 2017.
R&F, together with CC Land, is to buy the Nine Elms site for the price agreed by Wanda – £470m.