China’s Dalian Wanda to spend £700m on luxury London hotel
Chinese conglomerate Dalian Wanda Group has revealed plans to spend £700m developing a five-star, 160-bedroom hotel and apartment complex situated on the South Bank, overlooking the River Thames. The news came alongside Wanda’s £320m acquisition of nearly 92 per cent of yacht manufacturer Sunseeker International, famous for providing boats seen in James Bond movies.
Johnson, who is celebrating his birthday today (19 June), said: “I warmly welcome Dalian Wanda’s investment into London as part of our plans to dramatically transform Nine Elms into a stunning quarter of the capital, providing thousands of new jobs and homes.
“City Hall and my promotional agency, London & Partners, have worked tirelessly with Dalian Wanda Group to secure this cracking deal, which is yet another sign of the soaring global confidence in London as world-beating place to live, work and do business.”
London's premier hotel
Wanda’s chairman Wang Jianlin (pictured) added: “Through the international development of Wanda hotels, we are confident that we will be the leader in bringing branded Chinese luxury hotels to the global market, where they have long been absent.
“The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will make the Wanda London’s premier hotel, further promoting development in the area.”
The number of visits from tourists from emerging markets rose sharply last year with a record 179,000 visitors from China spending £300m, contributing to £18.6bn of spend from tourists overall.
Bilateral relationship
Sebastian Wood, British ambassador to China, remarked, “These investments will further strengthen the bilateral relationship between Britain and China, and signal even closer ties between our two countries.
“We hope to work closely with our Chinese counterparts to further support initiatives that promote opportunities for commercial, trade and development collaboration between Chinese and British businesses for the mutual prosperity and benefit of both sides.”
Wanda hotel London will be located at a ‘prime location’ on the South Bank, near to the Palace of Westminster and Battersea Power Station. The project will have a construction size of 105,000 sq.m, approximately 20,000 of which will be used for the Wanda hotel. The opening date has not yet been confirmed.
The Dalian Wanda Group was founded in 1988 and operates in four major industries, including commercial properties, luxury hotels, culture & tourism, and department store chain. The company currently operates 69 Wanda Plazas, 38 five-star hotels, 6,000 cinema screens, 57 department stores and 63 karaoke outlets across the China.
