Nine Elms Square's new owners emerge as Wanda retreats from London

Two of Hong Kong's largest property developers, Guangzhou R&F Properties and CC Land Holdings, have replaced Dalian Wanda as buyers of the £470m Nine Elms Square in London's Battersea.

Wanda, led by billionaire Wang Jianlin, had agreed to buy the 10-acre site from FTSE 250-listed St Modwen but transferred its ownership to Guangzhou R&F, which is owned by tycoons Li Sze Lim and Zhang Li, and CC Land, which is led by billionaire Cheung Chung-kiu.

Dalian told Sharecast that it had "transferred its ownership" of the Nine Elms Square project to an unnamed third-party.

Guangzhou R&F later announced it had bought the land, which forms part of London's largest residential development sites, alongside CC Land, the recent buyer of the Leadenhall Building, or 'Cheesegrater', in the City of London for £1.14bn.

The move comes amid China's crackdown on capital leaving the country to protect the yuan from weakening further.

China's state council last month approved the cutting back on "irrational" overseas investments in the property, entertainment and sports sectors, with regulators explicitly warning against lending to Wanda.

Nevertheless, Wanda still owns the rights to build the One Nine Elms block located in the same area, a planned 200-metre high development project.

CC Land was rumoured to be among those looking to buy a half-share of London's Walkie Talkie, but lost out as the Fenchurch St skyscraper was sold for £1.3bn to another Hong Kong firm, Lee Kum Kee.