Dalian Wanda Group’s division Wanda Commercial Properties is purchasing a stake in a mixed-use project under development in Surfers Paradise, Australia.
Dalian Wanda Group, Beijing, is paying HK$2.1 billion (US$271 million) for a 55% stake in the Jewel development. The remaining 45% will be held by individuals Riyu Li and Fengliu Wu.
Wanda plans to invest US$900 million to build a 5-star Wanda Vista hotel and serviced apartments, with a gross floor area of 146,000 sq m (1.57 million sq ft). The project’s central park, conference rooms, restaurants, bars and other entertainment facilities will be located directly on the beachfront.
Wanda’s investment in the project showcases the influx of Asian money into Australian hotel properties as well as Wanda’s ambitions to become a global brand. The Jewel is Wanda’s fifth overseas hotel project — Wanda announced projects in Los Angeles and Chicago in the past month.
