BEIJING I Wedneday Jun 19, 2013 6:56am EDT
(Reuters) - Wanda Group, China’s largest commercial real estate developer, aims to invest about $1 billion to build a five-star hotel in New York as its third major investment outside its home market, Chairman Wang Jianlin said on Tuesday.
The company is now in talks with potential partners for construction of a Wanda hotel and an adjacent apartment building in New York, Wang told Reuters.
“It will be announced this year, probably in the third quarter if everything goes smoothly,” he said in an interview in his Beijing headquarters overlooking the Chinese capital’s busiest boulevard.
…Wang said the New York hotel project would involve about the same amount of investment as the 700 million pound Wanda Hotel planned for London.
He aims to build Wanda hotels in eight to 10 cities outside China over the next decade in an effort to increase the company’s global presence, primarily in countries with mature economies and legal systems