Wanda to buy British luxury yacht maker

Dalian Wanda Group Corp Ltd, one of China's largest property developers, is close to purchasing Sunseeker, Britain's largest luxury yacht maker by sales, according to the Financial Times.

The Chinese property group is expected to pay about 2.87 billion yuan ($468 million) for the acquisition, according to sources familiar with the deal. The transaction is likely to be finalized before the end of June, the report said.

Wang Jianlin, chairman of the conglomerate, said that "we bought the best yacht company in the UK," but he did not reveal the yacht maker's name.

In addition to the yacht maker deal, Wanda is also considering a large investment in a luxury London hotel, according to Wang. He said that the two investments combined would reach more than 9.6 billion yuan, and the company had obtained regulatory approval for the deals from both Britain and China.