Date
22 September 2017
As Dalian Wanda continues to diversify abroad, Wang Jianlin arrives at a signing ceremony for the purchase of Spanish soccer champions Atletico Madrid last week. Photo: Reuters
As Dalian Wanda continues to diversify abroad, Wang Jianlin arrives at a signing ceremony for the purchase of Spanish soccer champions Atletico Madrid last week. Photo: Reuters

Dalian Wanda plans new landmark at prime Sydney property

US private equity firm Blackstone Group has agreed to sell a prime Sydney office building to Dalian Wanda Group for about A$415 million (US$327 million), Reuters reported.

China’s biggest property conglomerate said it plans to build a five-star hotel and luxury residential and retail developments at the site of Gold Fields House, overlooking Sydney Harbour.

“We look forward to creating a new Sydney landmark,” it said.

Wanda is backed by Wang Jianlin, China’s fourth-richest man.

Dalian Wanda Commercial Properties Co. Ltd. raised US$3.7 billion through a Hong Kong listing last year.

Over the past two years, Wanda has agreed to invest nearly US$2 billion in London and Madrid hotels and properties as it expands overseas, diversifying away from a weak domestic property market. 

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