Group's $1.2 Billion Investment Seen as Step Toward Film Industry
SHANGHAI—Chinese conglomerate Wanda Commercial Properties (Group) Co. is investing $1.2 billion in a mixed-used development in Beverly Hills in Los Angeles, as part of its plan to make inroads into the film industry in Hollywood.
Wanda, which is run by tycoon Wang Jianlin, said Friday that it has won the bid for the site at 9900 Wilshire Boulevard, which is located in a luxury residential area and is a 10-minute drive from Hollywood.
"The Los Angeles project will serve as the Wanda Group's first important step into Hollywood," Wanda said in a statement on its website. The development "is expected to aid in China's entry into Hollywood's film industry and generally promote Chinese culture abroad."
Wanda added that it will set up an office in L.A. to handle entertainment investments, while its office in New York will take charge of commercial investments.
The conglomerate is continuing its global shopping spree. It purchased U.S. cinema chain AMC Entertainment Holdings in 2012 and U.K. yacht maker Sunseeker in 2013, and is now proving itself to be a major player in global real estate.
In July, Wanda said it would invest $900 million to build a new tower that would be the third-tallest building in Chicago. In June, it bought a 28-story building in Madrid from Spanish bank Banco Santander SA for 265 million euros ($361 million).
"The Los Angeles project will serve as the Wanda Group's first important step into Hollywood," Wanda said in a statement on its website. The development "is expected to aid in China's entry into Hollywood's film industry and generally promote Chinese culture abroad."
Wanda added that it will set up an office in L.A. to handle entertainment investments, while its office in New York will take charge of commercial investments.
The conglomerate is continuing its global shopping spree. It purchased U.S. cinema chain AMC Entertainment Holdings in 2012 and U.K. yacht maker Sunseeker in 2013, and is now proving itself to be a major player in global real estate.
In July, Wanda said it would invest $900 million to build a new tower that would be the third-tallest building in Chicago. In June, it bought a 28-story building in Madrid from Spanish bank Banco Santander SA for 265 million euros ($361 million).
