Chinese conglomerate to develop luxury hotel on London's South Bank

19 June 2013 by
Chinese conglomerate to develop luxury hotel on London's South Bank

The first luxury Chinese hotel brand to open overseas is to be launched in London on the South Bank at Nine Elms.

The deal was announced alongside the company's acquisition of nearly 92% of the British luxury motor yacht manufacturer Sunseeker for £320m.

Wang Jianlin, chairman of Wanda and one of China's richest entrepreneurs (pictured, announcing the development), said that the company intends to become a global leader in Chinese luxury hotels.

"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," he said.

Boris Johnson, the Mayor of London, said he welcomed Dalian Wanda's investment in London as part of the capital's plans to "dramatically transform Nine Elms into a stunning quarter of the capital" providing thousands of new jobs and homes.

The development, which already has full planning consent, overlooks the River Thames, Battersea Power Station and the Palace of Westminster.

The Dalian Wanda Group has assets of £30b and an annual income of £14b. It currently operates 38 five-star hotels across China with plans to open in major cities worldwide.

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