Dalian Wanda to invest $1b for prime property development in Sydney

Dalian Wanda Group, China's biggest commercial real estate conglomerate, said on Monday it is investing $1 billion in a prime property development close to Sydney Harbour, its second large investment in Australia.

The amount includes A$415 million ($327 million) paid to the United States-based private equity firm Blackstone Group for office building Gold Fields House, an undisclosed sum for an adjacent building, Fairfax House, as well as the cost to construct a complex that will consist of a hotel, apartments and retail projects.

The purchase adds to a string of deals as Wanda diversifies away from a weak domestic market and highlights growing Chinese investment in Australia's red-hot property market.