SHANGHI: Chinese property giant Dalian Wanda, owned by China’s second richest man, is set to invest $1bilion (£667milion) in a development project near Sydney Harbour.
Wanda, who is owned by Wang Jianlin, agreed to pay a$415milion (US$327milion) for Gold Fields House in Sydney’s central business district.
The US private equity group took ownership of the 1960s office block in 2011 when it acquired Valad property group for an undisclosed sum. The harbor front building was previously owned by Blackstone.
Wanda said it planned to name the building Sydney One and spend $1bilion turning it and an adjacent building into a 85,000 square meter complex that will include the five star, 185 meter high Wanda Wenhua hotel.
The company said Wanda Group has recognized the iconic location, and intends to create a mixed use development including a five star hotel, luxury residential and retail. We look forward to creating a new Sydney landmark.
The purchase is Wanda’s second large investment on the continent following last year’s acquisition of a controlling stake the $970milion Jewel hotel and apartment development on Queensland’s Gold Coast.
Wanda said it has built or plans to build Wenhua branded five star luxury hotels in London, Madrid and Chicago. Wanda is the largest commercial property group in China, operating more than 100 Wanda Plaza shopping malls.
