A long-awaited transformation of a former industrial site in Holroyd has been given the green light, with the NSW Government approving the $1.2 billion Crescent Parklands masterplan that will deliver more than 1,200 new homes just south of Parramatta.

The State Significant Development approval clears the way for a large-scale mixed-use precinct at <a href="https://www.apartments.com.au/new-apartments/1-crescent-street-holroyd-nsw-2142">1 Crescent Street</a>, replacing an underutilised site with a coordinated residential community anchored by new open space, retail, and commercial uses.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> for WA-based developer Tiberius, the approved scheme comprises seven buildings arranged across two precincts. In total, the development will deliver 1,227 apartments, including 201 allocated as affordable housing, alongside approximately 2,500 sqm of retail and 5,000 sqm of commercial space within a mixed-use podium.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="1cc82dd2-8184-4b86-8665-90653147820d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20buildings.png?VersionId=2ZmVDc_Rfc4AzQ6ShzZJlvdZnACLerVM" />

The project is structured as a masterplanned precinct rather than a standalone tower. Buildings 1 to 4 will rise from a shared podium with shop-top housing, while Buildings 5 to 7 are positioned closer to the northern park interface as residential flat buildings. The built form has been carefully modulated to balance density with amenity, with the design resolving building separation, solar access, and wind impacts at a precinct scale.

A significant focus of the design is the activation of Crescent Street and the integration of public domain. The submission notes that “individual townhouses [were] removed for community based functions to Crescent Street to increase activation and surveillance,” reinforcing a more urban and publicly engaged street edge. Retail, commercial tenancies, and resident amenity spaces are concentrated along this frontage and within the podium to support day-to-day activity.

The landscape strategy underpins the project’s identity, with a network of pedestrian connections, landscaped corridors, and open spaces linking the site internally and to its surroundings. The design prioritises permeability, delivering “increased uninterrupted flow between spaces for pedestrian access” and improved connections through to the adjoining parklands.

<img alt="Tiberius’ Crescent Parklands to deliver 1,200+ homes in major Holroyd transformation" data-entity-type="file" data-entity-uuid="19282454-ab2f-4e2c-866f-4b35cf4283d4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Crescent%20masterplan.png?VersionId=JQdWGYI5B5R1lzmK4omYOp_8KLPkT4Bv" />

Buildings within the western precinct are oriented toward the park, shaping a residential offering defined by proximity to open space. The design describes this approach as creating apartments “immersed in nature with apartments facing the park,” positioning the landscape as a central organising element of the masterplan.

The broader architectural response addresses both infrastructure and context, with taller elements capturing long-range views toward Parramatta while setbacks and separation distances mitigate impacts on surrounding residential areas. Sustainability initiatives, including solar optimisation, cross-ventilation, and integrated landscape systems, are embedded across the scheme.

Located approximately one kilometre south of Parramatta CBD, the 3.6-hectare site is bounded by Crescent Street, Woodville Road, and Holroyd Sportsground. It benefits from strong access to public transport, including nearby bus routes and train stations, and sits within a rapidly evolving corridor earmarked for increased residential density. The design also strengthens connections between surrounding green spaces, including Holroyd Sportsground and Parramatta Parklands.

The approval follows several years of planning, including a rezoning process that enabled significant uplift in height and density across the site. With determination now secured, Crescent Parklands is positioned to play a major role in delivering new housing supply within Greater Parramatta’s growth area.

Joel Robinson

Tiberius’ Crescent Parklands to deliver over 1,200 homes in major Holroyd transformation

A new State Significant Development application has been lodged over land at <a href="https://www.apartments.com.au/new-apartments/33-43-marion-street-parramatta-nsw-2150">33–43 Marion Street</a>, Parramatta, proposing a high-rise mixed-use tower that leverages planning incentives to deliver a substantial pipeline of new housing, including a dedicated affordable component.

The scheme, currently on exhibition, combines a shop-top housing development with a concurrent rezoning, positioning the site for a significant uplift in density within Parramatta’s evolving southern CBD fringe.

The proposal, designed by <a href="https://www.apartments.com.au/architects/fuse-architecture-0">Fuse Architects</a> for CN Marion, would replace the existing buildings with a 37-storey mixed-use tower, delivering 296 apartments above a retail podium with six basement levels on the 2,376 sqm site.

The residential mix comprises 58 one-bedroom, 207 two-bedroom, and 31 three-bedroom apartments, with communal facilities located on the second level and the rooftop. Ground-level activation is driven by retail and food and beverage tenancies, alongside a publicly accessible through-site link designed to improve pedestrian permeability.

The project includes 194 car spaces, five motorcycle spaces, and 348 bicycle spaces, reflecting a transit-oriented approach in a location directly adjacent to the rail corridor and within walking distance of Harris Park Station.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="3db873ea-62f0-437b-8a6a-eeda154d2dee" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20building.png?VersionId=YwzBv8OVHwyRnMLGX4slU7QyhTyMZeOX" />

The design adopts a podium-and-tower composition, with a three-storey street wall addressing Marion Street and a reduced two-storey interface responding to adjoining heritage cottages.

A key component of the proposal is the integration of affordable housing under the NSW Government’s in-fill affordable housing pathway, with units to be retained for a minimum of 15 years. This is paired with a broader public domain strategy that emphasises permeability, deep soil planting, and a landscaped through-site link.

“The strategy prioritises a permeable, well-activated public realm and supports a compact tower form to minimise the building’s footprint while enhancing the quality of the ground-level experience,” the design report states.

The proposal includes a central landscaped courtyard, rooftop communal areas, and planting strategies aligned with local environmental conditions and cultural narratives.

<img alt="First Look: Plans lodged for 37-storey mixed-use tower with affordable housing at 33–43 Marion Street, Parramatta" data-entity-type="file" data-entity-uuid="f0e6c165-9967-4d20-9216-e5b8357c85ba" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Marion%20site.png?VersionId=SRod222LwgDmGZJmJY0wTbK39UrWZLSD" />

The site occupies a prominent corner of Marion and Station streets, roughly 100 metres from Harris Park Station, within a precinct earmarked for significant intensification. While the immediate context is characterised by low- to mid-rise buildings and heritage dwellings, planning controls and recent proposals point to a transition toward high-density development.

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Parramatta has been starved of new apartment supply in recent years. Builder-developers Deicorp and Coronation are the only two currently progressing projects in the suburb. Coronation is nearing completion of <a href="https://www.apartments.com.au/new-apartments/8-phillip-street-2-10-phillip-street-parramatta">8 Phillip Street</a>, which will be the tallest building in Western Sydney once finished, while Deicorp is delivering <a href="https://www.apartments.com.au/new-apartments/cosmopolitan-by-deicorp-parramatta-34-hassall-street-parramatta-nsw-2150">Cosmopolitan</a>, a development comprising over 600 apartments.
</section>

First Look: Plans lodged for 37-storey mixed-use tower in Parramatta

A substantial uplift in height and density is being tested in Lane Cove, with a 225-apartment scheme at 300 Burns Bay Road now on public exhibition as a State Significant Development alongside a concurrent rezoning.

The proposal by <a href="https://www.apartments.com.au/developers/level-33">Level 33</a> would see the demolition of an existing commercial building and associated structures, replaced by a residential development ranging from seven to 15 storeys.&nbsp;

The scheme delivers 225 apartments, including 34 designated as affordable housing, positioning it within the NSW Government’s accelerated Housing Delivery Authority pathway.

The development is arranged as three interconnected residential flat buildings, a response to the site’s long, narrow configuration and sloping topography.&nbsp;

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="c325d40c-ead5-45f4-9d77-5a446b23acc0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20Cove%20pers.png?VersionId=hsCJxT5hj.5kzA6AMInyan1x8mcHeRez" />

<a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a>, the project’s designer, describe a built form that is “divided into three sections, each connected by intermediate infill slots which are recessed to establish greater setbacks and further articulate the development.”

Across the scheme, apartments are supported by communal amenity at ground and rooftop levels, including landscaped open space and a rooftop pool. Basement and lower ground levels accommodate parking, storage, and building services, while a new public park is proposed along the eastern edge of the site, replacing part of the existing built form.

The architectural response has been shaped by the site’s pronounced fall towards the Lane Cove River, with building heights stepping down from west to east to reduce visual bulk and respond to adjoining bushland.&nbsp;

The design report notes that “the development has been carefully designed to integrate with the existing topography with the placement of massing and floor levels adjusted respecting the site’s inherent characteristics.”

<img alt="First look: 225-apartment Lane Cove tower proposal enters exhibition under State Significant pathway" data-entity-type="file" data-entity-uuid="31cc13a5-bc8b-4dc3-b9b1-07c6ec33a82b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Lane%20cove%20site.png?VersionId=NiyH3LimQwiHsE6Q7I5g4Grpr5fRdZaX" />

The project is being advanced through a concurrent rezoning process, seeking to increase the permissible height and floor space ratio beyond current Lane Cove LEP controls of 21 metres. Under the proposal, height would reach up to 54.5 metres, reflecting a shift toward higher-density outcomes in well-located urban areas.

Located on a 7,595 sqm site, the development sits within an established high-density residential pocket characterised by mid-rise apartment buildings set within a bushland setting. The site is within close proximity to Burns Bay Reserve, the Lane Cove River, and an extensive network of open space, reinforcing its strategic positioning for increased housing supply.

Level 33 is doing through the Housing Delivery Authority to try and get its Homebush project of <a href="https://www.apartments.com.au/news/nsw/level-33-adds-to-2-000-unit-pipeline-with-new-two-tower-homebush-plans">more than 300 apartments approved</a>.

The developer has over 2,000 apartments in the pipeline, predominantly in Wollongong.

First look: Level 33 proposes 225-apartment Lane Cove tower

Following the completion of its debut Palm Beach apartment development EVA on Tenth, local Gold Coast developer Chippendale Group has launched its latest project in the in demand area.

Chippendale Group, led by fifth-generation Palm Beach local Daniel Chippendale, has kicked off sales at&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221&amp;source=gmail&amp;ust=1775884443343000&amp;usg=AOvVaw2GyxnGQKU2XXwTzQ8_VHgi" href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221" target="_blank">ELISE</a>, 68 coastal-infused apartments just 40 metres from the sand on Twenty Fifth Avenue.

[smartcode_project:default project_id=150992 project_image_fid=366023]

Construction is already well underway, a signal of confidence to buyers, following the demolition of the two-storey walk-up and 1990s built house that sat on two sites that have been amalgamated to create a prime corner block.

There are a mix of two- and three-bedroom apartments on offer, starting from $1.4 million.

[smartcode_project:default project_id=150992 project_image_fid=366024]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, Elise responds to its coastal setting through a horizontal architectural form with recessed glazing and layered landscaping. The design aims to balance light, shade and sea breezes while creating a defined presence along the streetscape.&nbsp;

Residences have been planned with an emphasis on outdoor living suited to the Gold Coast climate, including large balconies designed as usable outdoor rooms. Interiors will feature a selection of European appliances and natural materials, including New Zealand wool carpets.&nbsp;

[smartcode_project:default project_id=150992 project_image_fid=366033]

Resident amenities are centred around a wellness-focused ground-level precinct. There will be private access to a heated swimming pool, sauna, cold plunge and gym, alongside a residents’ lounge with dining and entertaining space.&nbsp;

<a href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221">ELISE</a> is located towards the northern end of Palm Beach, which puts it just a short walk to Tallebudgera and Currumbin Creeks. At the end of the street is the newly extended Oceanway, a 36-kilometre pathway that runs up and down the Gold Coast.

Chippendale is targeting a late 2027 completion date for <a href="https://www.apartments.com.au/new-apartments/elise-palm-beach-3-twenty-fifth-avenue-palm-beach-qld-4221">ELISE</a>.

[smartcode_project_cta:default project_id=150992]

Chippendale Group launches Elise, 40 metres from the Palm Beach sand

Sydney developer <a href="https://www.apartments.com.au/new-apartments/31-41-o-hara-street-marrickville-nsw-2204">Third.i</a>&nbsp;has announced a new transport-oriented development in one of Sydney Inner West’s most sought-after metropolitan locations, delivering much needed housing within steps of world-class public transport and vibrant village life.

Located at&nbsp;31-41 O’Hara St,&nbsp;Marrickville, the proposed mixed-use development will include around 300 apartments, with up to 17 per cent dedicated to affordable housing, reinforcing Third.i’s commitment to creating inclusive, well-connected communities that support a diverse mix of residents who keep Sydney’s neighbourhoods thriving.

Located just 100 metres from the new Metro station, the development places residents within minutes of the CBD while offering seamless access to the Inner West’s cafés, retail, and local services. Anchored within a thriving local centre, the project supports everyday living without reliance on cars, while also delivering new public open space for the local community, including a new park and landscaped green areas, alongside high-quality private resident amenities.

Florian Caillon, Head of Acquisitions for Third.i Group, said the project builds on the company’s ongoing work alongside the NSW Government to deliver housing and amenity alongside major transport infrastructure. Amenity includes an activated pedestrianise retail strip that connects Illawarra Road down to the pocket park, and health and wellness facilities.&nbsp;

“Delivering housing of this scale within an established village is a rare opportunity, and few companies have achieved residential outcomes of this size at a village centre," Caillon said.

"We are excited to set a new standard for urban living in the heart of Marrickville,” he said.&nbsp;

The inclusion of affordable housing has been welcomed by frontline workers.

“We are supportive of developments which will allow essential workers like nurses, midwives and carers, the opportunity to live in the communities they care for," said&nbsp;Michael Whaites, General Secretary of the NSW Nurses and Midwives’ Association..

“Many healthcare workers tell us they would like to live closer to where they work, but are being priced out of the market, forcing them to move further away.&nbsp;

“Dedicated apartments for essential workers will support recruitment and retention in local hospitals and aged care facilities, helping to strengthen our health system.”

The project has been declared State Significant Development (SSD) by the Housing Delivery Authority (HDA).

Third.i to deliver 300 apartments in Marrickville TOD precinct

Wanda Group

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The Sydney developer Yuhu Group has been confirmed as the buyer of the two Australian property jewels being developed by the Chinese conglomerate Dalian Wanda.
The company have paid a reported $1.13 billion for the Sydney and Gold Coast residential and hotel mixed-used projects.
Yuhu struck its deal in Hong Kong on January 18.
"Yuhu has faith that these two projects will inject new employment and boost the local economy," Yuhu founder and chairman Huang Xiangmo told Fairfax Media, where two reporters claimed to have broken the news exclusively.
Yuhu was the reported buyer in The Australian two weeks ago.
Yuhu is a local developer which is committed to investing in real estate and other developments in Australia, the group confirmed overnight.
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<div class="cq-article-content-media section"><img class="lazy620x0" src="https://www.afr.com/content/dam/images/g/y/w/u/p/q/image.imgtype.afrArticleInline.620x0.png/1507503772918.jpg" alt="In one the apartments at One Circular Quay. " width="620" height="378" data-src="https://www.afr.com/content/dam/images/g/y/w/u/p/q/image.imgtype.afrArticleInline.620x0.png/1507503772918.jpg"></div>
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<div class="cq-article-content-media section">The purchase price for the two highly desirable real estate assets is made up of a cash component of $315 million alo with the presumed debt of $815 million.</div>
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Forty-five per cent of the Gold Coast project Jewel was owned by Chinese-backed group Ridong. It has also sold its interests in the sale to Yuhu.
An independent valuation of the two projects put them at a total value of $1.12 billion, Dalian Wanda said in a release to the Hong Kong Exchange on Monday night.
Dalian Wanda came under pressure by the Chinese government to crimp its overseas investments. 
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Forty per cent of the Jewel apartments have sold, with the joint venture struggling to achieve similar sales rates achieved by many developers during the housing boom in the past five years, according to the Australian Financial Review 
Yuhu is in no rush to complete the sales of apartments.
<div class="cq-article-content-media section">The company has extensive developments and investments in Sydney.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">They include the Eastwood shopping centre, which it has plans to redevelop.</div>
<div class="cq-article-content-media section">There is also the North Sydney residential tower, The Miller, which it is developing, and the Bakehouse Quarter in Sydney's inner west which it bought for $380 million last year. </div>
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Mr Huang says the residential market in Sydney continues to show strong fundamentals.
It also advised its plans to retain the penthouse atop the Circular Quay residential tower, which Dalian Wanda was said to have received an expression-of-interest offer of $100 million.
As a local company Yuhu did not require Foreign Investment Review Board approval.
Yuhu is controlled by Mr Huang - an Australian permanent resident - and his family members, who are Australian citizens.
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j.ballantyne1990-6AQqhLzZaK

Yuhu Group scores Dalian Wanda's Sydney and Gold Coast jewels for $1.13 billion

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China's Wanda Group headed by the tycoon Wang Jianlin has sold its One Circular Quay development, along with its Gold Coast Jewel development.
 Wanda Australia's managing director, John Wei, negotiated the sale of the Circular Quay site (above).
Wanda started demolishing the Gold Fields tower at No.1 Alfred Street for a mixed-use scheme incorporating a five-star Wanda Vista Hotel, 190 exclusive private residences, and boutique retail premises last November having paid $425 million three years earlier.
It had been seeking prestige apartment buyers at One Circular Quay since last October, but the display suite has been closed to most inquiry over the Christmas break.
The Jewel (below) sales had been slow since 2015 at the project which Ridong has also sold out of this week.
Dalian Wanda Group announced the sale of their two Australian property projects as the Chinese firm looks to lessen financial strains caused by a major acquisition spree. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/1/25/GC%20WANDA.jpg" alt="">
China’s regulators last year told banks to stop providing funding for several of the conglomerate’s overseas acquisitions, sources have said, prompting a string of asset sales by Wanda, whose businesses range from real estate to football and cinemas, including Hoyts. 
The two high-end residential and hotel projects under development have been sold at around cost. 
No buyer has been revealed, although The Australian newspaper reported last week that property developer Yuhu, which is backed by Chinese investors, had entered into exclusive talks with Wanda to buy the assets in a deal at around A$1 billion. Yuhu has consistently denied its involvement in any purchase.
Shares in Wanda Hotel Development Co Ltd, which owns the projects, are in a trading halt.
The sale of the Australian projects comes after Wanda’s announcement last week that it had agreed to sell its interests in the high-profile London luxury development project, One Nine Elms, for 59 million pounds ($81 million).
The Chinese conglomerate Dalian Wanda Group advised last weekend its revenue dropped for a second consecutive year, by 10.8 percent in 2017.
It reported 227.4 billion yuan in revenue, while net profit remained flat compared with 2016, according to a statement posted on the company’s website. It did not reveal the profit figure. 
In middle of 2017, Wanda came under the scrutiny of China's banking regulator for posing "systemic risks" to domestic lenders with its overseas deals.
The Chinese authorities viewed some of its acquisitions as "irrational" and a method for moving capital out of the country.
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Wang Jianlin, chairman of Dalian Wanda Group claimed that only 7% of Wanda's assets were located overseas.
"Wanda Group will never have any default globally," Wang, a former soldier, said.
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Gold Coast Jewel and Sydney's One Circular Quay development sold by Wanda

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Chinese property and entertainment giant Dalian Wanda have said from time to time they ascertain interest in its property projects. But they deny this week's report by the South China Morning Post that Wanda were offering to sell five of its biggest overseas properties in the UK, US and Australia.
Wanda suggested that they were "approached by third parties from time to time" in a statement posted to the Hong Kong stock exchange.
“Following the recent changes in some directors of the Company, the Company is undertaking a strategic review of its property projects and will consider any business opportunities which can create value for shareholders,” the statement read.
They were supposedly seeking a single buyer who would stump up $6.6 billion (US$5 billion).
In August the group had to come out and deny rumours they were selling their Gold Coast and Sydney projects, which comprise $2 billion of the $6.6 billion portfolio.
They rubbished the rumours a day before they restructured their Australian projects, selling them to a private entity controlled by the company's founder, Wang Jianlin
Last month they started marketing One Circular Quay, their Sydney project overlooking the harbour (above).
Their Gold Coast project (below) is yet to be marketed.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/22/Wanda2.jpg" alt="">
 
 
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Dalian Wanda ascertain interest in its property "from time to time"

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Chinese developer Wanda have begun marketing the apartments in their luxury One Circular Quay development.
They are marketing the Sydney building as Australia's most prestigious residential development (below).
The flagship $1 billion project was officially launched at the Museum of Contemporary Art in April.
There are $60 million expectations for the luxury penthouses.
The 57 storey tower will comprise 184 apartments and a 179 room hotel.
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/13/OneCircular.jpg" alt="" style="font-size: 12.16px;">
Wanda are also developing Jewel resort, a $1 billion Gold Coast project.
There were suggestions in August the group were in discussion to sell the two projects worth nearly $2 billion after it was announced they faced a lending freeze ring from Chinese Government controls.
They quickly dispelled the rumours and said the projects were on track, calling media reports "incorrect."
“Having made such enquiry internally as is reasonable in the circumstances, the company wishes to clarify that, as of the date of this announcement, 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 said in a regulatory announcement
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However shortly after the market was advised there was an internal ownership realignment.
The apartments are expected to be multi-million-dollar offerings from 50 sqm studios to four penthouses of 600 sqm.
CBRE are asking potential buyers to book private appointments to inspect the display suite.
Wanda claim the development was in an “absolutely unbeatable position” to set a new benchmark for location, quality and price.
The development on the 4,000 sqm site of Gold Fields House, purchased by the conglomerate in 2015 for $415 million, will also include a five-star hotel expected to be operated under the Wanda Vista brand.
The development has a 2020 completion date.
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jrobinson-rf4aSBido9

Troubled Chinese developer Wanda moves to sell off the plan apartments in One Circular Quay

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A majority interest in the two flagship Australian developments of China's Wanda Group are to be sold to a private entity controlled by the company's founder, Wang Jianlin.
Just two days after Wanda labelled an Australian Financial Review report that is was considering a sale "completely false", the company announced the "disposal" on Thursday morning.
While the assets are being sold to a related private entity controlled by Mr Wang, one investment advisor said it was likely to be the first step in broader reorganisation of the assets.
"He [Mr Wang] has a history of taking a two-step approach to acquisitions so this looks like it's going in the opposite direction," said the person.
The announcement said the Hong Kong-listed Wanda Hotel Development will sell a 60 per cent interest in its $1 billion Circular Quay apartment and hotel tower in Sydney and its $900 million Jewel resort on the Gold Coast to Mr Wang's company, Wanda Commercial Property.
The deal should allow the Hong Kong-listed company to lower its debt levels and give Mr Wang time to reorganise the assets away from the glare of the public market.
Shares in Wanda Hotel rose as much as 41 per cent on Thursday after the asset restructuring plans were announced.
The listed vehicle is also selling its 60 per cent interest in Wanda's Chicago and London developments.
The final terms are yet to be announced, but the company said the sale price would be based on net asset values based on an independent valuation.
Wanda Hotel is also buying US$1.1 billion in assets from related entities to the group and Mr Wang. These include Wanda Culture Travel Innovation Group, which designs and constructs theme parks and Wanda Hotel Management, which designs and operates hotels.
Wanda has had its wings clipped by Beijing in recent weeks as concerns mount that it, and other private companies, have over paid for foreign assets and these now pose a systemic risk to the Chinese banking system.
Other companies targeted by authorities include the HNA Group, which holds a 13 per cent stake in airline Virgin Australia; Fosun Group, which is developing apartments in Brisbane and Sydney; and Anbang Insurance, which bought New York's Waldorf Astoria in 2014.
The crackdown is expected to filter down to smaller private companies and state-owned enterprises as Beijing worries about offshore deals going bad and capital outflows putting downward pressure on its currency.
It is also looking to avoid a Japan-style collapse, which followed an offshore acquisition binge by Japanese firms in the late 1980s and early 1990s.
China's outbound investment fell 43 per cent over the first half of this year and its Vice Minister for Commerce Qian Keming said last week that "irrational" offshore investment had been contained.
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Wanda restructures Australian projects

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Wanda Hotel Development Company Limited has said its billion-dollar projects in in Sydney and the Gold Coast are on track, calling media reports about talks of exiting them as “incorrect”.
“Having made such enquiry internally as is reasonable in the circumstances, the Company wishes to clarify that, as of the date of this announcement, 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 said in a regulatory announcement. 
Earlier media reports had said that Dalian Wanda was in talks in Hong Kong for the sale of its Circular Quay apartment and hotel tower in Sydney and the Jewel resort on the Gold Coast, both valued around $1 billion each.
Wanda had also said previously that its Gold Coast project was on track despite Beijing asking the country’s major banks to stop lending to the developer.
Its Sydney CBD project includes a dual-tower development in Circular Quay by 2020.
In a statement to the Hong Kong Stock Exchange, Wanda said construction of the two projects was moving forward smoothly, and apartment sales were strong.
Earlier, The Australian Financial Review had reported citing two sources that the group was looking at possible exits from both projects after lending problems.
Property Observer had reported in January that Tower Three of Wanda Ridong’s Gold Coast development project had registered more than 120 prospective buyers.
The three towers will have 512 apartments, a 169 suite six-star hotel as well as retail and culinary precincts.
In Sydney, One Circular Quay will be a 60-storey glass and stone residential building designed by Kerry Hill Architects.
The Crone Architects and Kengo Kuma Architects-designed five-star hotel will have 28 levels and just 181 rooms.
It is part of Dalian Wanda’s $1 billion redevelopment of Gold Fields House at 1 Alfred Street, Circular Quay.
For the 57-storey residential tower, the Beijing-based conglomerate expects its luxury penthouses could sell for more than $60 million, setting a new price record.
 
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Wanda says Gold Coast, Sydney projects on track, media reports of sale incorrect

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The giant Chinese conglomerate, Wanda Group and its online payment platform, 99 Bill, have introduced China's first commercial property crowdfunding project called "Stable Earner No.1."
As Wanda's first Internet finance product, "Stable Earner No.1" is a product based on Wanda plazas. 
Funds raised will be directly invested in the construction of Wanda plazas in each city. 
Investors will be awarded with the right to profits from such plazas and enjoy double returns including shop rental and added value of properties of Wanda Plazas. 
The expected annualized rate of return may reach over 12%.
"With a minimum initial investment amount of Rmb1,000 , this project is revolutionary as it lowers the traditional minimum investment thresholds of commercial property, making it possible for ordinary investors to own quality property and share the hefty investment returns with leading commercial property developers," the company press release advised..
Wanda boasted of its mature and professional ability as well as experience to operate and manage commercial real estate.
"Each Wanda Plaza is where people are concentrated and is extremely popular among merchant partners.
"In terms of commercial management, Wanda has set world records that occupancy rate and rental collection rates have both exceeded 99% for many years.
"In addition, the "city center" effect implies great potential of property appreciation after a Wanda plaza is constructed.
"All of this provides reliable guarantee for investors to gain stable and sustained high profit."
Fundraising will be from June 12 to June 15 2015. Investors can view project details by logging in 99 Bill platform or downloading 99 Bill wallet APP.
Investors may opt to cash out of and sell their investment three months after the establishment of the project, the first meaningful financial innovation project in the Shanghai Free Trade Zone and in China.
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