Tycoon Wang Jianlin sold off overseas real estate projects to repay debts

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Dalian Wanda Group, controlled by Chinese billionaire Wang Jianlin, is selling another overseas asset to pare its multibillion-dollar debtload.

Its Hong Kong-listed unit Wanda Hotel Development has agreed to sell its 90 per cent stake in the 101-storey Vista Tower for $270 million to Chicago-based real estate company Magellan Parcel, according to a stock exchange filing on Thursday.

Wanda acquired its stake in the Chicago project in 2014 and planned to invest $900 million in developing the site into a 101-story tower with about 393 apartments . . .

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