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Wanda eyes US expansion with Chicago complex
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CHINA’S Wanda Group, controlled by the country’s richest man Wang Jianlin, says it will invest US$900 million in a five-star hotel and apartment complex in Chicago, as it acquires more assets in the United States.
The project, to be located near the intersection of the Chicago River and Lake Michigan, will be the city’s third tallest building with a height of 350 meters, the company said in a statement.
It will be a mixed-use development consisting of a 240-room “super five-star” hotel, residential units and commercial space, and heralds greater expansion into the US, according to the statement posted on Tuesday.
“The Chicago project is just the first step of Wanda’s property investment in the United States,” Wang said in the statement, adding the company would invest in five-star hotels in major US cities, including New York, Los Angeles and San Francisco “within a year.”
Wanda has made a series of big-ticket purchases of western assets in recent years as it seeks to spread itself internationally.
Last month Spain’s biggest bank Santander said it had sold a historic Madrid skyscraper to a Wanda subsidiary for 265 million euros (US$360 million).
The deal followed the Chinese conglomerate’s acquisition last year of British yacht-maker Sunseeker for 320 million pounds (US$548 million) and its US$2.6 billion takeover in 2012 of US cinema chain AMC Entertainment.
It is also spending 700 million pounds on London’s tallest residential towers.
Construction on the Chicago property project is expected to start this year and it is set to open in 2018, Wanda said.
A Wanda arm listed in Hong Kong said in a stock exchange statement on Tuesday that it and another Wanda subsidiary will have combined “capital commitments” of no more than HK$1.75 billion (US$226 million) in the Chicago project.
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