BBC: “Dalian Wanda Group, a Chinese property developer, has said that it will spend £1bn ($1.6bn) to buy a British yacht maker and property in London.
Wanda will pay £320m for alm
It will also invest £700m to develop a five-star hotel in London.
The luxury hotel in London will be the first such development to be operated by a Chinese firm overseas. The move was welcomed by the Mayor of London.
‘Soaring global confidence’
Boris Johnson said that the deal was “yet another sign of the soaring global confidence in London as a world-beating place to live, work and do business”.
Dalian Wanda Group’s Wang Jianlin: “We are going to keep jobs in Poole. We will not lay anybody off”
Wang Jianlian, chief executive and founder of Wanda added that “the London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will help make The Wanda London’s premier hotel, and will further promote development in the area”.
The new hotel will be built by the river in Vauxhall, South London as part of the Nine Elms regeneration.
Wanda, which was founded in 1998 and already operates 34 five-star hotels in China, said that it plans to build a chain of Wanda hotels across other foreign cities as well.
“Through the international development of Wanda Hotels, we are confident that we will be the leader in bringing branded Chinese luxury hotels to the global market, where they have long been absent,” said Mr Wang, who is one of China’s richest men”