China's Wanda Group acquires tony parcel of Beverly Hills

Wanda Group has won the bid for a plot of land located at 9900 Wilshire Boulevard in Beverly Hills and the company said it plans to invest $1.2 billion to construct a mixed-use development. Wanda reportedly bested more than 10 bidders from Asia and North America for the project.

The project site is located 10 minutes walking distance from Rodeo Drive, and close to UCLA and Hollywood.

The Los Angeles project will serve as the Wanda Group's first step into Los Angeles, where it will set up an office to handle entertainment sector investments while the company's New York office will be responsible for commercial sector investments.

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The Los Angeles project is expected to aid in China's entry into Hollywood's film industry and generally promote Chinese culture abroad.

Dalian Wanda has shown its ambitions to expand its influence with several acquisitions around the world. Global investments this year include a US$900 million development plan for a 89-story five-star hotel and apartment, another worth £700 million (US$1.2 billion) in London's downtown, the €265 million (US$355 million) acquisition of Madrid's landmark Edificio Espana, and the purchase of UK's yacht maker Sunseeker International for £320 million (US$537 million).