×
You will be redirected back to your article in seconds

China’s Wanda Sells Prominent Beverly Hills Property

Chinese conglomerate Dalian Wanda has sold a landmark property in the heart of Beverly Hills that it once intended to be the headquarters of its entertainment empire. The disposal is Wanda’s latest move to retrench back to the Middle Kingdom as China restricts capital outflows.

London-based Cain International and Alagem Capital Group, headed by Israel-born hotel mogul Beny Alagem, will acquire the site known as One Beverly Hills at 9900 Wilshire Boulevard, the two companies announced in a statement issued last Thursday. The terms of the deal were undisclosed, but the Wall Street Journal reports a sticker price of more than $420 million.

The eight-acre site, purchased by Wanda for about $420 million in 2014, sits next to Bel Air, Rodeo Drive and Century City in the prime 90210 ZIP code. The Chinese firm had plans for luxury residences and a hotel there, but disputes with contractors and unions kept the lot empty for years. Contacted by Variety, Wanda offered no comment. 

Cain and Alagem also own the neighboring Waldorf Astoria and Beverly Hilton hotels. The deal gives them a swath of 17 contiguous acres to develop. Canadian conglomerate Triple Five Group had previously been in talks to buy Wanda’s parcel but bowed out in the end. 

The Beverly Hills acquisition marks “a dramatic opportunity to create a unified development,” Cain and Alagem said in their statement, which quoted Beny Alagem as saying: “We are extremely excited to acquire this amazing property. Together with our existing Waldorf Astoria and Beverly Hilton sites, we believe we have one of the most unique and exciting collection of properties in the U.S., if not the world.”

Wanda was known in years past for its aggressive global buying spree, snapping up high-profile Hollywood entities including Legendary Entertainment, as well as building a real-estate portfolio that included New York’s Waldorf Astoria hotel. But China’s ruling Communist party has imposed multiple restrictions on foreign investment and warned banks not to lend to the firm, halting its expansion abroad and turning the tide on its fortunes. A property in Chicago is now the sole remaining piece of Wanda’s property holdings in the U.S.

Hoping to reduce overseas debts, Wanda has also sold a portion of its stake in the world’s largest cinema operator, the U.S.’ AMC Entertainment. Last year, it unloaded $9.3 billion in China-based hotel and tourism projects in what analysts deemed the country’s largest-ever property sale. Chinese business media report that Wanda has slashed its debts by $31 billion in the past year.

More Biz

  • DOJ Indicts Five in Piracy Ring

    Department of Justice Indicts Five in International Piracy Ring

    Five men were indicted Wednesday on charges that they hacked into the servers of production companies, and stole hundreds of films and TV shows, including “50 Shades of Grey” and “The Walking Dead.” The men are based in four countries — the United Kingdom, the United Arab Emirates, Malaysia, and India. Only one has been [...]

  • Endeavor Sued Over Idaho Country Music

    Endeavor Sued Over Idaho Country Music Festival

    A former county official in rural Idaho sued Endeavor on Wednesday, alleging she is owed more than $190,000 in unpaid loans arising from a troubled country music festival. According to her complaint, Bonnie Layton was the economic development director for Elmore County, Idaho, when she came in contact with the organizers of the Mountain Home [...]

  • Former movie producer Harvey Weinstein (L)

    Weinstein Attorney: 'Many of These Women Have Lied'

    Harvey Weinstein’s attorney blasted the Manhattan D.A.’s office on Wednesday, arguing that prosecutors brought a flawed case in haste due to public pressure. Ben Brafman sent a letter to Judge James Burke, who is scheduled to hear a motion to dismiss the case next week. In it, he responded to Assistant D.A. Kevin Wilson, who [...]

  • 2019 Variety Predictions

    2019 Predictions: What's in Store for Film, TV and Music Next Year?

    It would be hard to top the drama of 2018. From media mega-mergers to the rise of Time’s Up, it was a year that had more than its fair share of twists and turns. Leslie Moonves resigned in disgrace, AT&T snapped up Time Warner, Disney inched closer to subsuming Fox and “Black Panther” shattered box [...]

  • Tencent Music Raises $1.1 Billion for

    Tencent Music Raises $1.1 Billion for IPO, Much Less Than Expected

    China-based music streaming company Tencent Music Entertainment Group said it raised nearly $1.1 billion in its U.S. initial public offering, according to Reuters. Earlier this year, the company was expected to be valued at as much as $30 billion and raise $4 billion for its IPO, but those estimates were slashed in September. he IPO [...]

  • Justin Tranter and Katie Vinten Partner

    Justin Tranter and Katie Vinten Partner With Warner Bros. for New Label

    As previously reported, hit songwriter Justin Tranter and Warner/Chappell Publishing’s Katie Vinten are launching a new label in partnership with Warner Bros. Records, the company announced officially today. In her new role, Vinten, most recently the company’s co-head of A&R, will also serve as an A&R Consultant to Warner Bros. Records and will continue with [...]

  • Ella Mai

    Ella Mai Signs Worldwide Deal With Sony/ATV Music Publishing

    Singer Ella Mai, who is enjoying a worldwide smash with her song “Boo’d Up” and was nominated for two Grammy Awards last week, has signed a worldwide deal with Sony/ATV Music Publishing. The song peaked at No. 5 on the Billboard Hot 100 and has been streamed more than 650 million times in the U.S. [...]

More From Our Brands

Access exclusive content