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Billionaire To Build The World’s First Chinese Luxury Hotel Complex in London

June 22, 2013 Headline News, Hotel News No Comments Email Email

egtmedia59Chinese property conglomerate, Dalian Wanda Group is set to capitalise on China’s booming outbound travel and property investment market by building the world’s first Chinese luxury hotel outside of mainland China.

The Chinese developer controlled by billionaire, Wang Jianlin, will spend  £700 million on a 62-storey, 160-room luxury hotel and apartment complex alongside the Thames River in London’s Nine Elms regeneration zone and a further £320 million to purchase 92 per cent of Sunseeker International, the famed British yacht-maker whose GTM Sunseeker - Copysleek Predator 108 model featured in the James Bond franchise, Casino Royale .

Plans to build three prestigious yacht clubs in China will follow with the purchase of the Dorset-based, Sunseeker.

With assets of US48 billion in a portfolio that includes 67 shopping plazas, 6,000 cinema screens,  57 department stores and 38 five-star hotels; mostly managed in partnership with Sofitel by Accor, Hilton Worldwide and Starwood Hotels and Resorts, the Dalian-headquartered conglomeration will also expand its enterprise over the next decade across 10 international cities including New York.

The new London hotel, which will take in sweeping views of Houses of Parliament, will make its luxurious debut as a Dalian GTM - CopyWanda-branded property.

As the Chinese property market continues to retract, cashed-up developers are seeking greener pastures outside of the eurozone where the pound is weak and the interest rates are low but the yields remain high.

Accordingly, the property tycoon will not only make a play for Chinese property buyers snapping up prime waterfront and CBD real estate throughout the U.S and Europe, but also cash-in on the lucrative Chinese outbound market, where tourism receipts have exceeded US $102 billion, an increase of 40 per cent from 2011.

Dalian Wanda Group’s proposed twin-tower complex is slated to become Western Europe’s tallest residential block.

Written by : Jennifer Campbell

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