Reed Smith and Gowling WLG have led on the £470m acquisition of the 10-acre Nine Elms Square site by Chinese buyer Dalian Wanda.

The deal saw Wanda buy the site from a joint venture of St. Modwen Properties and VINCI Construction, which held a 50/50 stake in the site, after exchanging contracts on 21 June.

Wanda announced this morning that it had since transferred the land to an unnamed third party in light of recent statements from the Chinese government which seeks to curtail investment into international real estate.

Reed Smith was instructed by Wanda with a team led by real estate partner Brigid North.

Gowling WLG acted for the joint venture, which trades as VINCI St. Modwen (VSM), with a team led by real estate partner Peter Thorne and consultant Tim Steele.

Legacy Wragge & Co and legacy Lawrence Graham were both part of a 16-strong raft of firms which were awarded roles on one of the biggest redevelopment projects in London’s recent history.

Wanda has long held an interest in the Nine Elms development, as it owns the One Nine Elms skyscraper. The company instructed Freshfields Bruckhaus Deringer when it bought the site in a £700m deal. The skyscraper is expected to be completed in 2019.

VSM was appointed five years ago as a developer to the Nine Elms site in the £2bn redevelopment.

Thorne said: “This is a sale in the first phase of the land redevelopment. They’re providing a new market facility which you’ll see provide further development for the area.

“As they create the new development, they have a phasing plan. There’s a strategy to develop the whole of the new market as part of an ongoing programme.”

This is the latest deal involving money flowing into the capital from Hong Kong after the Walkie Talkie sold earlier this year for £1.28bn and the Cheesegrater was purchased by Hong Kong-based company CC Land for £1.15bn.