(Aug 22): Billionaire Wang Jianlin’s Dalian Wanda Group Co. scrapped plans to buy a land plot in London for 470 million pounds ($825 million) amid the Chinese government’s intensifying scrutiny of overseas investments.

Wanda’s International Real Estate Center is no longer in pursuit of the 10-acre Nine Elms Square land, the Chinese company said in a statement to Bloomberg on Tuesday. On Monday, St Modwen Properties Plc said its venture with Vinci Plc sold the site, though it didn’t identify the buyer.

The move is the latest sign that Wang, who was one of China’s most prolific buyers of overseas assets until last year, is downsizing. Last month, the conglomerate agreed to sell most of its hotels and theme-park assets to Sunac China Holdings and Guangzhou R&F Properties Co. for about US$9.5 billion (S12.9 billion).

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