By Holly Dutton
China’s largest commercial real estate firm is in talks to spend $1 billion building a four-star New York City hotel and adjacent apartment building.
The chairman of the Dalian Wanda Group told Reuters in Beijing last week that he expects to make a formal announcement of the deal in the third quarter of this year.
“It will be announced this year, probably in the third quarter if everything goes smoothly,” said Wang Jianlin, according to the article.
The news comes on the heels of the company’s announcement that it will acquire British luxury yacht maker Sunseeker and invest $1 billion in a hotel and luxury apartments in London.
Last October, Wanda purchased US-based theater chain AMC Entertainment for $2.6 billion, becoming the world’s largest theater owner.
Chinese investment in New York City real estate has been on the rise in recent years. Last month, Soho China, a Bejing-based real estate developer, announced it was part of an investment group that purchased a 40 percent stake in the General Motors building at 767 Fifth Avenue for $1.4 billion.
Xinyuan Real Estate, another Beijing-based company, bought a development site on Kent Avenue and South 8th Street in South Williamsburg for $54.2 million where they will construct a condo building.
