Wanda won’t be selling precious Jewel at Surfer Paradise, Gold Coast

WANDA Group has moved to quash speculation it is preparing to offload its $900 million Jewel project at Surfers Paradise.

The Jewel development, which contains three towers, is under construction and due for completion in 2019. Picture: Mike Batterham

WANDA Group has moved to quash speculation it is preparing to offload its $900 million Jewel project at Surfers Paradise.

Wanda spokesman John Wei said there are no plans to sell the 1.13ha site on Old Burleigh Rd, where three towers with 512 apartments and a 169-suite hotel are under construction in a joint venture with Ridong.

“News reports that Wanda is fielding offers to sell the two real-estate projects in Australia (on the Gold Coast and Sydney) are completely false,” he said.

“Wanda has never had any negotiations with any party. The construction of the two projects is moving forward smoothly, and apartment sales remain strong.”

The company moved to allay shareholders fears by making a similar statement to the Hong Kong Stock Exchange.

“The Company does not have any plan to make the said disposals referred to in the media reports, and thus such information is incorrect. Both projects are progressing as planned.”

Wanda’s Sydney project is a $1 billon apartment and hotel project at Circular Quay.

Wanda Ridong director Baron Li said Jewel’s construction is progressing as planned.

“Wanda Ridong is proud to be building the Gold Coast’s first beachfront hotel in 20 years, and the first major project in this city since the global financial crisis,” he said.

“We’re also proud to be in a position to support so many local suppliers, subcontractors and workers.”

Wanda’s denial of any plans to sell the project follows a fall in funds flowing from Chinese companies to overseas projects.

The Chinese government has moved to contain foreign investment amid fears it was damaging the economy.

Roland Evans, of Canford Properties, who brokered Wanda’s $55 million sale of land at Nerang to theme park developer Songcheng, would not comment on the Wanda speculation but said the restrictions in China would stall developments in Australia.

“Chinese companies are finding it increasingly difficult to get capital out,” he said.

“They’re all scared – if the Government can pull in companies like Wanda, Fosun and Hainan Airlines, they can pull in anyone.

“There will be fallout for us, yes there will, no doubt.”

Wanda, headed by one of China’s richest men, Wang Jianlin, burst onto the Gold Coast development scene in 2014, entering a joint venture with Ridong Group’s Australian arm. The Jewel project, designed around three towers intended to symbolise three crystals on a beach, started in 2015 and is due to be completed in 2019.

Construction is up to level six for tower one, level 10 for tower two, and level five for tower three.

Wanda launched charter flights between Wuhan, China, and the Gold Coast in 2015, and there were reports it was planning to build a theme park at Coomera.

However, it has pared back its activity recently, canning the flights last year, while any move to establish a new theme park appears to have stalled.