Dalian Wanda to invest $1bn in Sydney property

Sydney HarbourAFP
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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