(Yicai Global) Aug. 24 -- Wanda Hotel Development Co. [HKG:0169], a subsidiary of Chinese commercial property giant Dalian Wanda Group Co., lost HKD300 million (USD38.3 million) in the first half of this year, according to its interim report released on Aug. 23.

The hotel developer turned over HKD100 million over the period, down 61 percent from a year earlier. Gross profit dived 53 percent to HKD72 million but net losses skied to over seven times more than the same period last year.

Wanda Hotel Development attributed the losses to the sale of the Edificio Espana in Madrid, a decrease of sales in China and a fall in revenue from property rental in Australia.

Property sales in China fell by HKD74 million in the first six months while rental income in Sydney dropped by HKD63.6 million. However, the firm said the HKD330 million lost by selling its Spanish project was the main factor in the first-half loss.

Wanda bought the Edificio Espana in 2014 for EUR265 million (USD313 million) and sold it this year for EUR272 million, but the declining value of the euro against the yuan saw the company make an actual loss, 21st Century Business Herald reported.

Despite selling the Spanish property, Wanda still owns four overseas developments in London, Chicago, Sydney and on the Gold Coast of Australia.