Chinese private companies in the real estate and entertainment sectors have had restrictions introduced by the Chinese government to minimise exuberant spending, which Wanda was among a handful of due to an overseas buying spree.

As a result, the Hong Kong stock exchange has received an announcement that Wanda has entered into a deal to sell its Gold Coast and Sydney apartment and hotel projects estimated to be worth about $1 billion each.

Headed by Chinese billionaire Wang Jianlin, the company had decided selling the Circular Quay Condo project and Jewel on the Gold Coast to pay off its foreign debt.

"The bidders for both projects in Australia are foreign institutions but the buyers behind are domestic Chinese enterprises," a source close to Wanda told Chinese news website Tencent Frontline.

Currently under construction, Wanda's Circular Quay project required the demolition of Gold Fields House last year to make way for a hotel and 59-storey residential tower offering stunning views across the Sydney CBD and Harbour.

Mr Wang, China's fourth-richest man, told Chinese media Wanda would not default on any debt, which is reported to be circa $500 million.

Wanda also announced last week it had sold its majority 60% stake London's One Nine Elms property to an unnamed buyer for $250 million.

See also:

Meriton towers planned for Parramatta riverfront

Grocon, Aqualand and Scentre Group awarded central Barangaroo precinct

New hotel development opportunity for Sydney’s Iconic Sirius Building

Source: Sydney Morning Herald