The Board of Wanda Hotel Development Company Limited announced that on 23 January 2015, pursuant to the Master Australia JV Agreement, the company and Wanda HK entered into the One JV Agreement in relation to the establishment of Wanda One as the joint venture entity to acquire and re-develop the Sydney Properties into a new high-end and mixed-use hotel, residential and retail complex. In accordance with the Master Australia JV Agreement, Wanda One will be a wholly-owned subsidiary of Wanda Australia and will be indirectly held through Wanda Australia as to 60% by the Company and as to 40% by Wanda HK, representing each of their pro rata equity interests in Wanda Australia. Pursuant to the One JV Agreement, the total capital commitments to be made by the Company and Wanda HK to Wanda One shall not exceed AUD 300 million (equivalent to approximately HKD 1,920 million) and AUD 200 million (equivalent to approximately HKD 1,280 million), respectively, which were determined after arm's length negotiations between the company and Wanda HK with reference to the estimated capital commitment for the acquisition and redevelopment of 1 Alfred and 19–31 Pitt Street and each of their respective pro rata equity interests in Wanda Australia.

The total capital commitment of AUD 500 million may be adjusted up to a maximum of AUD 600 million depending on the future acquisition of additional areas within the same precinct by Wanda One. The Company will finance its capital commitment by its internal resources and/or loan financing. The total capital commitments and the respective amounts to be contributed by the Company and Wanda HK to Wanda One are within the respective maximum amounts provided in the Master Australia JV Agreement (after taking into account the total capital commitment under the Jewel JV Agreement) as previously approved by the Independent Shareholders.