Chinese Wanda to sell stake in Chicago property project for $270m

Chinese Wanda to sell its stake in Chicago property project for $270m

Hong Kong-listed Wanda Hotel Development, a unit of Chinese billionaire Wang Jianlin’s Dalian Wanda Group, has agreed to sell its 90 per cent stake in the 101-storey Vista Tower, a Chicago mixed-use luxury property project, for US$270 million to Chicago-based real estate company Magellan Parcel, according to a stock exchange filing on Thursday.

The disposal is expected to result in a gain of about HK$94 million (US$12.1 million) before taxes on paper, the company said.

Magellan Parcel C/D LLC, an Illinois limited liability company which already owns the remaining 10% of the project. In July 2014, Wanda Group has acquired its stake in the US$1 billion mixed-use luxury project. Construction works started in 2016 in the site. Vista Tower will become Chicago’s 3rd tallest building, boasting the highest residential unit in the city at 1,045 feet above grade.

The Jeanne Gang-designed Vista Tower, which includes 406 ultra-luxury condominium residences above the 191-room, 5-star hotel, is located in Magellan’s Lakeshore East community where the Chicago River meets Lake Michigan.