Handing over the crown

AUGUST 2017: Wanda denies plans to sell their stake in Jewel, but transfers ownership of it to a related company majority owned by billionaire Wang Jianlin and his family.

JANUARY 2018: Wanda group confirmed they would sell their share of Australian assets including Gold Coast Jewel. The buyer was revealed as Yuhu Group.

FEBRUARY 2018: Yuhu Group settled their purchase on the share of Jewel owned by Ridong Group, who were also the Queensland sales licensee. Apartment sales were suspended as the Office of Fair Trading confirms Yuhu Group and their affiliates are unlicensed to sell real estate in Queensland.

MAY 9, 2018: Wanda’s shareholders approve the sale and buyer Yuhu Group reveals sales were still suspended while they waited for the purchase to settle and formulated the sale and marketing plan. The group remained unlicensed.

MAY 18, 2018: The sale of Wanda’s stake is finalised. Sales remain suspended.