Dalian Wanda to invest $1bn in Sydney property
Chinese property giant Dalian Wanda is set to invest $1bn (£667m) in a development near Sydney Harbour.
The news came after US equity firm Blackstone said it was selling a Sydney office building to the group for A$415m ($327m; £218m).
Gold Fields House is in the city's prime central business district and overlooks the Sydney Harbour.
The firm said it plans to build a luxury hotel as well as residential and retail outlets in the area.
"We look forward to creating a new Sydney landmark," said Dalian Wanda in a statement on Monday.
Wanda group is backed by Chinese billionaire Wang Jianlin and is the country's largest property conglomerate.
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The recent announcement is the latest in a series of international acquisitions for the Chinese firm.
It has already agreed to invest nearly $2bn in London and Madrid hotels and properties in the last two years.