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.
– Contact us at [email protected]