Wanda to invest US$1b in Sydney property development

Hong Kong

DALIAN Wanda Group, China's biggest commercial real estate conglomerate, said on Monday it is investing US$1 billion in a prime property development close to Sydney Harbour, its second large investment in Australia.

The amount includes A$415 million (S$441 million) paid to US private equity firm Blackstone Group for office building Gold Fields House, an undisclosed sum for an adjacent building, Fairfax House, as well as the cost to construct a complex that will consist of a hotel, apartments and retail projects.