Wanda to launch $1b New York hotel project

Dalian Wanda Group Corp Ltd, one of China's largest property developers, plans to invest about $1 billion to build a five-star hotel in New York as its third major investment outside its home market, Wang Jianlin, chairman of Wanda said on Wednesday.

Wang said that Wanda is negotiating with potential partners for the construction of a Wanda hotel and an apartment building in New York; and if the negotiation goes smoothly, he would officially announce the information in the third quarter of the year.

Earlier on Wednesday, Wanda Group announced that it will launch a 1-billion-pound investment for the overall control of UK luxury yacht manufacturer Sunseeker and construction of a five-star hotel in London's core area.