Wanda expected to declare sale of Australian projects: sources

Hong Kong

DALIAN Wanda Group is expected to announce the sale of two Australian property projects in the coming days, people with knowledge of the matter said, as the Chinese firm looks to lessen financial strains caused by a major acquisition spree.

A sale of the projects, reported by The Australian newspaper to be worth A$1 billion (S$1.06 billion), would follow an agreement to sell interests in a high-profile London property development and would help the group meet upcoming debt deadlines. How it will manage other debt due later in the year is less clear.