China's wealthiest man has his eyes on Australia. The Wanda Group has announced it will invest $1 billion to develop a mixed-use complex in Sydney’s central business district. The investment will reportedly include a luxury Wanda hotel. The investment includes more than $300 million for an office building previously owned by Blackstone Group.
The location overlooks the Sydney Opera House. As Forbes reports, the complex will span 85,000 square meters.
Dalian Wanda is a commercial real estate developer held by China’s wealthiest property tycoon Wang Jianlin. The Sydney investment marks the second by the group in Australia. In August last year, Wanda acquired a majority stake in a beachfront hotel and apartment project in Queensland.
As Forbes further reports, Chinese real estate developers are now quite active in the Australian cities of Sydney, Melbourne and Brisbane. Guangzhou R&F Properties, a developer run by Hong Kong billionaire Li Sze Lim and his mainland billionaire partner Zhang Li, acquired three sites for over $100 million in Australia in the second half of 2014. Shanghai-based Greenland already has four projects in Australia that are worth more than $1.4 billion, and is still looking for more.