Dalian Wanda, the real estate group owned by China’s second-richest man, has accelerated its overseas expansion by outlining plans to invest $1bn to redevelop a landmark property on Sydney Harbour.
Wanda, which is owned by Wang Jianlin, a former Chinese army officer turned property mogul, agreed to pay A$415m (US$327m) for Gold Fields House in Sydney’s central business district.
The harbourfront building was previously owned by Blackstone. The US private equity group took ownership of the 1960s office block in 2011 when it acquired Valad property group for an undisclosed sum.
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