China's Dalian Wanda spends £1bn on UK yacht firm and London hotel

Suzie Neuwirth

CHINESE conglomerate Dalian Wanda Group today announced that it has acquired a majority stake in British yacht company Sunseeker for £320m and that it plans to invest £700m in developing a five-star luxury hotel on the South Bank.

The group will buy a 91.81 per cent stake in Sunseeker, with the remaining 8.19 per cent to be acquired by Sunseeker management.

The new hotel – which will be developed with Green Property – will be the first luxury hotel opened by a Chinese firm overseas.

Commenting on the new hotel, the Mayor of London, Boris Johnson, said: “I warmly welcome Dalian Wanda’s investment into London as part of our plans to dramatically transform Nine Elms into a stunning quarter of the capital, providing thousands of new jobs and homes.

“City Hall and my promotional agency, London & Partners, have worked tirelessly with Dalian Wanda Group to secure this cracking deal, which is yet another sign of the soaring global confidence in London as world-beating place to live, work and do business.”