Dalian Wanda Group, China’s largest commercial real estate conglomerate, has announced that it is investing $1 billion in a development located near Sydney Harbour. This will be Wanda’s second large investment in Australia.
The investment amount includes the following:
The complex will also include a 185 metre-tall building.
The purchase of these properties adds to a number of deals made by Wanda to diversify its holdings. It highlights growing interest by Chinese investors in the current red-hot Australian commercial property market.
This is the first investment in Sydney for Wanda. The group announced last August that it would invest $900 million in a joint venture project on the Gold Coast to develop a luxury hotel and serviced apartments.
During the past two years, Wanda has agreed to invest close to $2 billion in hotels and properties and London and Madrid.
During the first 11 months of 2014, Chinese investors flocked to the United States and Britain for investment purposes. Australia was the third top destination, with approximately $2.1 billion in investment coming into the country, according to Savills, the real estate consultancy firm.
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