Dalian Wanda to invest $1bn in Sydney property
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 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.