Dalian Wanda Plans To Build A New Landmark In Sydney By US $1 Billion

The real estate group owned by China's second richest people

Dalian Wanda accelerated the pace of overseas expansion and put forward a plan to invest $1 billion to rebuild Sydney's landmark buildings.

Wang Jianlin, the owner of Wanda (former Chinese officer, turned into a real estate tycoon) agreed to buy a Gold Fields House in Sydney's central business district for a 415 million Australian dollar (US $327 million).

The building in Sydney Harbor was originally owned by Blackstone.

The US private equity group acquired the ownership of the office building built in 1960s when the Valad real estate group was purchased in 2011.

Wanda said it plans to rename the building as "Sydney One", and is prepared to spend $1 billion to pform the office building and a neighboring building into a 85 thousand square meter comprehensive building, which will include 185 meter high five star Wanda Wenhua Hotel, Sydney 1.

The company said on Monday: "Wanda Group considers this to be a landmark area and hopes to build it into a mixed use development project that includes a five star hotel, luxury residential and retail facilities.

We hope to create a new landmark in Sydney.

The acquisition is the second largest investment by Wanda in the Australian mainland. Last year, Wanda gained the controlling stake in the Gold Coast Jewel Hotel and apartment project in Queensland for 970 million US dollars.

In addition to Australia, Wanda also plans or plans to build a five star Mandarin Hotel in London, Madrid and Chicago.

Wanda is the largest in China.

The Group operates more than 100 Wanda Plaza shopping centers.

Last autumn, following the Alibaba (Alibaba)'s first public offering (IPO) in the NYSE, Wang Jianlin gave the status of China's richest man to Alibaba chairman Ma Yun (Jack Ma).

In December last year, Wanda Commercial real estate listed in Hongkong, raising $3 billion 700 million for the group, but Wang Jianlin has not yet regained the title of China's richest man.

Australia has become an attractive target for Chinese real estate investors, because Australia has a stable regulatory system, a growing population and rising housing prices. Until recently, housing prices in Sydney and Melbourne rose by at least 10% annually.

Greenland Group, one of China's largest developers, plans to invest 1 billion 500 million Australian dollars in Melbourne and Sydney, and to build the highest residential building and a hotel in Sydney.

Starryland Australia, Fuxing Huiyu Real Estate Company, intends to spend $500 million on the development of Parramatta in Sydney suburb, Real Estate Company.

Wang Jianlin's Gold Coast development project has been approved by Queensland to build 3 high-rise buildings, one of which is a five star hotel and the other two are hotel apartment buildings.