BEIJING I Wedneday Jun 19, 2013 6:56am EDT
(Reuters) - Wanda Group, China’s largest commercial real estate developer, aims to invest about $1 billion to build a five-star hotel in New York as its third major investment outside its home market, Chairman Wang Jianlin said on Tuesday.
The company is now in talks with potential partners for construction of a Wanda hotel and an adjacent apartment building in New York, Wang told Reuters.
“It will be announced this year, probably in the third quarter if everything goes smoothly,” he said in an interview in his Beijing headquarters overlooking the Chinese capital’s busiest boulevard.
…Wang said the New York hotel project would involve about the same amount of investment as the 700 million pound Wanda Hotel planned for London.
He aims to build Wanda hotels in eight to 10 cities outside China over the next decade in an effort to increase the company’s global presence, primarily in countries with mature economies and legal systems
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China-based investors and developers are dropping huge sums for NY properties they consider bargains.
By Daniel Geiger, November 3, 2013 12:01 A.M.
…The activity on behalf of Chinese buyers is being driven by the New York real estate market’s record of delivering strong profits for investors over the long run, and by current prices that look downright inexpensive compared with those fetched by similar properties back in China. A firm kick in the backside from Beijing is also helping.
“What you’re seeing now is a top-down policy driven by the Chinese government that is allowing and sanctioning these types of transactions,” said Kit Kwok, an attorney in DLA Piper’s Shanghai office, who worked on the Atlantic Yards transactions for Greenland Holdings. “These investors have always looked at and wanted to go abroad, but three years ago, they wouldn’t have gotten the approval.”
With those approvals now flowing freely, the throng of Chinese investors window-shopping for New York assets is swelling.
Dalian Wanda Group is a case in point. A year ago it bought the AMC theater chain for $2.6 billion and earlier this year looked into investing in a residential project alongside New York developer Silverstein Properties. Now the company is said to be looking for alternative outlets for its ample cash
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Looks like his plan for a New York skyscraper was scrapped months ago.
By Fran Spielman 12/18/2014
China’s second-richest man wants to build Chicago’s third-tallest building—and the $900 million riverfront project could be the first of many local investments by Wang Jianlin’s Wanda Group.
With 250 hotel rooms, 390 condominium units and 9,000 sq. ft. of retail space, the 88-story addition to Lakeshore East designed by Chicago architect Jeanne Gang would be the Wanda Group’s “first step” in the U.S. real estate market.
“Wanda hopes there will be further investments in Chicago in the future,” said Sean Muellers, chief U.S. representative of the Dalian Wanda Group, reading a statement from Wang Jianlin, who was unable to attend Thursday’s signing ceremony.
“I sincerely believe that, when complete, the unique design and high quality of the Wanda Tower will provide the Chicago skyline with a new landmark befitting the city known worldwide as the birthplace of the modern skyscraper.”
Mayor Rahm Emanuel couldn’t agree more. The ultra-competitive mayor noted that the Wanda Group looked first at both New York and Los Angeles and ultimately chose Chicago.