Chinese Group Takes Over London Project

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Chinese conglomerate Dalian Wanda Group has purchased a development site in London slotted for a £700 million hotel and residential tower project.

Dalian Wanda, controlled by billionaire Wang Jianlin, plans to develop a 160-room hotel, the first Wanda hotel outside China on the site, which is part of the One Nine Elm redevelopment project. The existing scheme includes development of a 205-meter tower, which would be the tallest residential tower in Europe.
 
Previous owner Green Property, the Irish developer, has already received planning approval to build towers of 43- and 58-stories on the site.  Green Property netted £90 million from the sale, according to published report.

"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," said London mayor Boris Johnson.

Dalian Wang owns a variety of assets, including the AMC movie theater chain in the U.S. This week it also announced a £320 million deal to buy U.K. yacht builder Sunseeker.

"The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world's greatest cities," Wang Jianlin, chairman of Dalian Wanda Group, said in a statement.

Nine Elms is a 480-acre site on the south bank of the Thames, which will be home to an array of residential, office and retail facilities.

Dalian Wanda's purchase is the latest move by Chinese developers into London. Last month the city announced a deal with a Chinese developer to redevelop the Royal Docks site.