January 17, 2018 / 2:48 AM / a year ago

Wanda Hotel sees $55 mln gain from sale of stake in London property unit

HONG KONG, Jan 17 (Reuters) - Wanda Hotel Development Co Ltd , a unit of conglomerate Dalian Wanda Group, will post a HK$434 million ($55 million) gain from the sale of a 60 percent stake in a company that invests in the high-profile One Nine Elms project in London.

Wanda Hotel is selling the stake in Wanda International Real Estate to an unidentified independent third party for 35.61 million pounds ($49 million), the company said in a statement.

The buyer has also agreed to repay 159.5 million pounds ($220 million) in debt owed by Wanda International Real Estate, it said.

Wanda Hotel said its controlling shareholder, Wanda Commercial Properties (Hong Kong) Co Ltd, would also sell the remaining 40 percent stake in the property project in southwest London. It did not elaborate.

Shares of Wanda Hotel surged as much as 11.3 percent in early trade on Wednesday. ($1 = 7.8237 Hong Kong dollars) ($1 = 0.7241 pounds) (Reporting by Donny Kwok and Clare Jim; Editing by Edwina Gibbs)

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