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.

Who is Wang Jianlin?

• The 60-year-old is ranked China's second-richest man behind Alibaba boss Jack Ma
• He is worth $13.2bn according to Forbes magazine
• Mr Wang is planning to open up amusement parks in China to rival the likes of Walt Disney and Universal Studios
• He was reportedly in talks over a stake in the Hollywood studio behind the Hunger Games franchise, Lions Gate Entertainment

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.