By Amber Plum
One of China's most prominent developers, Wanda Group, is poised to launch an Australian arm with an initial $1. 74 billion warchest to spend in the local market, the company said.
It will launch with a strong foray in the Queensland leisure market, through 55 per cent stake in the $1 billion Gold Coast's Jewel development — a 147,000 square metre mixed-use residential, hotels and shopping complex.
Those figures were decided on with reference to "the current real property market in Australia and expected acquisition and development costs for suitable real property projects," the group said.
The new group, a 60-40 joint venture between Wanda Group and subsidiary Wanda Hong Kong, will begin with contributions of $HK7. 5 billion and $HK5 billion respectively, according to the company statement.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
Read more here: Business Spectator