China's Wanda to launch foray into Australia

[CANBERRA] The company of China's real estate tycoon, Wang Jianlin, will launch into Australia's property development market, creating a billion-dollar local arm to invest in new projects, including a long-awaited Gold Coast high-rise complex.

Wanda Commercial Properties, a Hong Kong-listed entity of the Dalian Wanda Group, announced on Tuesday that it would form Wanda Australia to diversify its assets internationally.

It will launch with a strong foray in Australia's Queensland leisure market, through a 55 per cent stake in the Gold Coast's Jewel development, a 147,000-square-metre mixed-use residential, hotels and shopping complex.