Dalian Wanda will invest US$1 billion in a development in Sydney. This will be the Chinese property company’s second investment in Australia.
The amount includes A$415 million (US$327 million) paid to Blackstone Group for Gold Fields House, an undisclosed sum for Fairfax House, and the cost to construct a complex that will consist of a hotel, apartments and retail projects.
“We look forward to creating a new Sydney landmark,” said Dalian Wanda in a statement.