Dalian Wanda buys Blackstone's Sydney office block

The Chinese property group plans to invest $1b in a new luxury development, just as analysts fret about its aggressive overseas expansion.

China's Dalian Wanda has agreed to buy offices from Blackstone overlooking Sydney Harbour Bridge and Opera House for about A$415 million $327.5 million, the latest step in its rapid diversification away from its weakening domestic market.

China's biggest commercial developer, backed by Chinese billionaire Wan Jianlin, said it would invest about $1 billion to create a mixed-use development with a five-star hotel, luxury residential and retail properties. 

“We look forward to creating a new Sydney landmark.” Wanda Group said.

This is Wanda’s second investment in Australia following news in August it will invest $900 million in a joint venture to build a...

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