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CHINA'S RICHEST MAN COMMITS $900M TO GOLD COAST REAL ESTATE

Tuesday August 26th, 2014

China’s richest man, Wang Jianlin, has committed $HK12.5 billion ($1.7 billion) to invest in Australian real estate including the construction of a $900 million beachfront resort on the Gold Coast.

Property experts say the deal could herald a new dawn of Chinese property investment in Australia.

Mr Wang, the chairman of the Hong Kong-listed Wanda Group, took over the top spot on the Forbes China Rich List for the first time last year after a rebound in property prices.

In a statement to the Hong Kong Stock Exchange Wanda Group said it would pay for the new resort, known as The Jewel, through internal resources and a mixture of debt and equity.

Mr Wang’s Wanda has already been on a global buying spree picking up London high rises as well as US movie chain AMC Entertainment and ­Sunseeker yachts.

The Jewel has state approval for up to three high-rise buildings containing a resort hotel, apartments, office and recording studio, restaurants and cafes. The site can accommodate a total building area of up to 147,000 square meters.

The decision by Wanda represents the financial power of the Chinese investors and

Source: Financial Review

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