The 10-acre site sits in an area of London that is being heavily developed, and Wanda is currently building a twin set of skyscrapers in the same area, the £700m One Nine Elms. Analysts at Property Vision have described the area as having “Nine Elms disease”, with a glut of property coming on to the market amid falling prices.
The site has now been sold to Hong Kong-based R&F Properties. In June, Wanda and St Modwen exchanged contracts on the site, but it said it had since transferred the asset.
Last month the Chinese government blocked banks from funding some of Wanda’s foreign investment projects.