Wanda Group Closes $400M Land Buy

BEVERLY HILLS, CA—Chinese developer Dalian Wanda Group has completed the purchase of a land site in Beverly Hills, CA, where Robinson’s May was formerly located. The Wanda Group purchased the property from Joint Treasure International for more than $400 million. In an earlier story, GlobeSt.com reported that the Wanda Group won the purchase over at least 10 other foreign and domestic investors for the land site, where it plans to develop a $1.2-billion mixed-use complex.

Joint Treasure International purchased the property in 2011 for $148.3 million in a foreclosure transaction from a bank consortium led by Carlos Slim. Previously, London-based Candy & Candy purchased the property for $500 million, financing $365 million through the Carlos Slim consortium. Joint Treasure International planned to develop on the property, but never proceeded with the development plans. According to Natsis, this sale, and the substantial profit made by the seller, shows the strength of the market, specifically for very high-end trophy properties.