China Starts Bailing on U.S. Real Estate
Chinese conglomerate Dalian Wanda Group has reportedly agreed to sell a high-end development site in Beverly Hills for more than $420 million. Plus, real estate investors clammor to buy proptery in Long Island City, one of two new homes to Amazon's HQ2. Chinese billionaire Wang Jianlin has added a new chapter to the unwinding of his plans for a global real estate empire as reports last week confirmed that his Dalian Wanda Group had sold a prime Los Angeles site that was one of its last remaining overseas properties. Wanda has agreed to sell the eight acre (32,375 square metre) One Beverly Hills site along Wilshire Boulevard to a venture between Beverly Hills-based Alagem Capital and London real estate firm Cain International for a reported $420 million, according to a report.
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