Dalian Wanda to invest $1bn in Sydney property
Chinese property giant Dalian Wanda is set to invest $1bn (£667m) in a development near Sydney Harbour.
The news came after US equity firm Blackstone said it was selling a Sydney office building to the group for A$415m ($327m; £218m).
Gold Fields House is in the city's prime central business district and overlooks the Sydney Harbour.
The firm said it plans to build a luxury hotel as well as residential and retail outlets in the area.
"We look forward to creating a new Sydney landmark," said Dalian Wanda in a statement on Monday.
Wanda group is backed by Chinese billionaire Wang Jianlin and is the country's largest property conglomerate.
Who is Wang Jianlin?
- The 60-year-old is ranked China's second-richest man behind Alibaba boss Jack Ma
- He is worth $13.2bn according to Forbes magazine
- Mr Wang is planning to open up amusement parks in China to rival the likes of Walt Disney and Universal Studios
- He was reportedly in talks over a stake in the Hollywood studio behind the Hunger Games franchise, Lions Gate Entertainment
The recent announcement is the latest in a series of international acquisitions for the Chinese firm.
It has already agreed to invest nearly $2bn in London and Madrid hotels and properties in the last two years, according to Reuters.
Last week, Wanda said it was buying a 20% stake in Spanish football club Atletico Madrid for €45m ($52m; £34m) - making it the first Chinese company to invest in a top European football club.
The group also owns US cinema chain AMC and luxury British yachtmaker Sunseeker.
Hong Kong listed shares of Dalian Wanda Commercial Properties were up 3.4% after the deal was announced.