Guaranteed rent scheme | Chinese Property Firm to Develop Western Europe’s Tallest Residential Building in London
The company that is looking to develop the building is Chinese real estate firm, Dalian Wanda Group. It is continuing with its international expansion as it invests in a British yacht maker and a commercial development.
Dalian Wanda, controlled by billionaire Wang Jianlin, said it will invest £1bn ($1.6bn/€1.2bn) to buy Sunseeker International and a luxury hotel/residential development in London on the South bank of the Thames.
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The company will pay £320m for about 92% stake in Sunseeker International, whose yachts are featured in James Bond films. It will also invest £700m in a commercial development on the South Banks of the Thames, involving a 62-storey five-star hotel and a residential building, which would be the tallest in Western Europe at 205 metres.
It is for the first time Dalian Wanda, which acquired US cinema chain AMC Entertainment last year, is entering into the international luxury market.
The development underlines the rising trend seen in China, where cash-rich companies are buying up famous foreign brands. In 2012, Shandong Heavy Industry Group bought Italian yacht builder Ferretti and Zheijian Geely bought Volvo Cars in 2010.
Chinese developers, including China Vanke, also are expanding overseas to take advantage of demand for real estate abroad from increasingly rich nationals. Property prices in London have been increasing primarily due to higher demand from overseas buyers, who consider property as a safe haven for investments.
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“The bigger Chinese developers need to develop overseas markets as their domestic expansion is limited by the property curbs,” Bloomberg quoted Zuo Hongying as saying, a Shanghai-based analyst at AJ Securities Co.
Further, Wanda plans to expand its investment in the UK and build luxury hotels in eight to 10 cities globally, according to Wang, who elaborated on the company’s future plan.
The acquisition of Sunseeker will help Wanda’s decision to build three yacht clubs in China. Each of the clubs will need at least 10 yachts, Wang said.
Source: http://www.ibtimes.co.uk/articles/480513/20130619/dalian-wanda-sunseeker-international-wang-jianlin.htm