Wanda invests US$900m in Chicago project

[BEIJING] 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 US.

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 metres, 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.