Chinese property developer Dalian Wanda has walked away from a plan to buy London’s Nine Elms Square amid mounting pressure from Beijing to curtail high-profile overseas acquisitions.
The 10-acre plot is part of London’s largest residential development site, where a number of real estate companies are building 20,000 mainly luxury homes south of the river Thames.
Owners St Modwen and Vinci said in June that they had exchanged contracts to sell the area, which was previously home to the New Covent Garden flower market, to Wanda’s Hong Kong division for £470m.
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