Developments

Chinese developer plans luxury Sydney hotel

Global investment group Blackstone Group has sold the Gold Fields House in Sydney’s Circular Quay precinct to the Chinese Dalian Wanda Group for $415 million.

Dalian Wanda, China’s biggest commercial real estate conglomerate, is investing $1 billion for Gold Fields House, an adjacent building (Fairfax House) and the construction of a five-star hotel and luxury upmarket apartments plus retail outlets on the site.

The sale was negotiated through CBRE and JLL.

A spokesperson from Dalian Wanda said it recognised the “iconic location”, and once redeveloped, the Gold Fields House site will bookend Circular Quay with AMP’s $1 billion revamp of its office tower, and the former Coca-Cola building which is also being developed into apartments.

Wanda is backed by China’s fourth-richest man Wang Jianlin. “The investment is the first in Sydney for Wanda. The group announced in August it would invest $900 million in a joint venture project on the Gold Coast and develop a luxury hotel and service apartments.

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