Dalian Wanda to invest $1bn in Sydney property

Sydney Harbour Image copyright AFP
Image caption Chinese property developer Dalian Wanda is making plans to put its mark on Sydney Harbour

Chinese property giant Dalian Wanda is set to invest $1bn (£667m) in a development near Sydney Harbour.

The news came after US equity firm Blackstone said it was selling a Sydney office building to the group for A$415m ($327m; £218m).

Gold Fields House is in the city's prime central business district and overlooks the Sydney Harbour.

The firm said it plans to build a luxury hotel as well as residential and retail outlets in the area.

"We look forward to creating a new Sydney landmark," said Dalian Wanda in a statement on Monday.

Wanda group is backed by Chinese billionaire Wang Jianlin and is the country's largest property conglomerate.

Who is Wang Jianlin?

  • The 60-year-old is ranked China's second-richest man behind Alibaba boss Jack Ma
  • He is worth $13.2bn according to Forbes magazine
  • Mr Wang is planning to open up amusement parks in China to rival the likes of Walt Disney and Universal Studios
  • He was reportedly in talks over a stake in the Hollywood studio behind the Hunger Games franchise, Lions Gate Entertainment

The recent announcement is the latest in a series of international acquisitions for the Chinese firm.

It has already agreed to invest nearly $2bn in London and Madrid hotels and properties in the last two years, according to Reuters.

Last week, Wanda said it was buying a 20% stake in Spanish football club Atletico Madrid for €45m ($52m; £34m) - making it the first Chinese company to invest in a top European football club.

The group also owns US cinema chain AMC and luxury British yachtmaker Sunseeker.

Hong Kong listed shares of Dalian Wanda Commercial Properties were up 3.4% after the deal was announced.

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