Hong Kong-listed partner in Gold Coast’s Jewel project has sold stake to Chinese company

SPECULATION is mounting that Wanda is preparing to offload its Australian assets. What does that mean for the $900m Gold Coast Jewel development?

A Jewel development artist impression.

THE future of the Gold Coast’s under-construction Jewel project is increasingly uncertain, with the Hong Kong-listed owner selling its stake in the $900m development.

Wanda Hotel Development Co is seeking to sign over its interest in four companies, including its 60 per cent share of Wanda Australian Real Estate, which is building the hotel and residential project at Broadbeach in partnership with company Ridong.

The companies would be acquired to a related Chinese company Dalian Wanda Commercial, which is majority owned by billionaire Wang Jianlin and his family.

An artist’s impression of the Jewel pool.

The changes could make it easier for Mr Wang to offload the assets to third parties as he has greater control of the Commercial arm.

Industry sources say a sale of the project is unlikely to significantly delay or change construction, but that if sold, it would likely be broken into two, with the hotel to be taken on separately from the 512 residential apartments.

While the interior fitout could be remodelled by new buyers wishing to cut costs of the luxury project, it is unlikely the design of the building itself would be significantly altered.

The Jewel development at Broadbeach. Picture: Mike Batterham

International and local buyers are reportedly circling the development’s hotel and residential components. Both would need big pockets.

Executives of Gold Coast-based Mantra Group, which has been on a years-long hotel buying spree, picking up hotels for more than $50 million this week, were unavailable to comment on Jewel yesterday.

A Jewel development artist impression.

Wanda Ridong Director Baron Li yesterday declined to say whether or not the parent companies had considered or would consider selling the project to a third party.

“There are no changes to the ownership of the Wanda Ridong Jewel development, which is being developed by the Dalian Wanda Group, and the Ridong Group,” he said

A Jewel development artist impression.

“The Ridong Group has been working on this project for more than eight years, after my father, Riyu Li, bought the 1.13 hectare beachfront site in 2009. It is a rare parcel of land that has the ocean at the front, the mountains close by, and a river at the back, and we are very excited to be able to see this project coming to life after so many years in the making.

“We are thankful for the incredible work by Multiplex, the subcontractors and all the workers involved, as our project gets closer to being complete in just 18 months’ time.”