Beijing: Once China's richest man, Wang Jianlin, is reportedly selling out of Australia. His company Dalian Wanda, one of China's biggest property developers, is reported to have put its yet-to-be-completed luxury Circular Quay apartment project on the market.

The South China Morning Post reported that Dalian Wanda is trying to sell its five biggest international property projects to a single buyer for $US5 billion ($6.6 billion).

Wanda's overseas investment woes have led to Mr Wang dropping from richest to fourth-richest Chinese billionaire in the Forbes rich list. Credit:Gerry Shih

The Chinese government said in August it would restrict Chinese private companies from making overseas investments in areas including real estate and entertainment to curb "irrational" buying sprees.

Wanda had been among a handful of high-profile companies warned by Chinese regulators to reduce debt levels amid a crackdown on "grey rhinos" – large, visible threats to China's economy.