Dalian Wanda to invest more than £1bn in UK

Acquires majority stake in the British luxury motor yacht maker Sunseeker International.

New Statesman
Sunseeker power boat. Credit: Getty Images.

The Chinese property developer Dalian Wanda Group will invest more than £1bn in the UK to further enhance its position in the global luxury, entertainment and tourism segments.

Dalian Wanda has signed a definitive agreement to acquire a 91.81 per cent stake in the British luxury motor yacht maker Sunseeker International in a deal worth £320m.

Following the acquisition, Sunseeker will operate under Wanda ownership but will retain its existing production bases and staff in the UK.

The transaction, which already received regulatory approval in China, is expected to close by August 2013.

Wang Jianlin, chairman of Wanda, said: “With the committed support of Wanda, Sunseeker is well-placed to take full advantage of opportunities in China, one of the world’s fastest growing luxury yacht markets. We are confident that this will bring Sunseeker’s business to the next level.”

Jianlin further said that Wanda recognises the importance of Sunseeker’s investment in innovation, the quality craftsmanship produced by its skilled workforce and its commitment to using the world’s best components.

Meanwhile, Wanda has also signed an agreement with Green Property to develop a 160-room five-star luxury Wanda hotel on the South Bank in Central London with an investment of £700m. This will be the first luxury hotel opened by a Chinese firm in the overseas market.

Apart from the 20,000 square meters hotel, the project will also include 63,000 square meters of premium apartments. The project is expected to become a new landmark in London.

Last year, Wanda acquired the UK-based AMC Entertainment Holdings for $2.6bn.