Wanda Hotel forms JV with parent to buy Sydney properties

    Wanda Hotel Development (00169) said it agreed to establish a joint venture named Wanda One Sydney Pty Ltd with its controlling shareholder Wanda Commercial Properties (Hong Kong) Co. Limited to acquire and re-develop properties located at 1 Alfred, 19-31 Pitt Street and if applicable, additional areas within the same precinct in Sydney into a new high-end and mixed-use hotel, residential and retail complex.
  Wanda One will be indirectly held through Wanda Australia as to 60% by Wanda Hotel Development and as to 40% by Wanda HK, representing each of their pro rata equity interests in Wanda Australia.
  The total capital commitments to be made by Wanda Hotel Development and Wanda HK to Wanda One shall not exceed A$300 million (equivalent to about HK$1,920 million) and A$200 million (equivalent to about HK$1,280 million), respectively.
  Wanda One also entered into land contracts in relation to the acquisition of 1 Alfred and 19-31 Pitt Street at A$488 million (equivalent to around HK$3,121 million). 1 Alfred which is located at 1 Alfred Street, Sydney NSW 2000, has a site area of about 2,686 square metres. 19-31 Pitt Street which is located at 19-31 Pitt Street, Sydney NSW 2000, has a site area of about 916.5 square metres.