Coast resort a jewel in Wanda's crown

Chinese company to invest $900m in premier Australia beachfront project By Wang Zhuoqiong

China's richest man, Wang Jianlin, continued a recent buying spree with the purchase of the Jewel resort project on Australia's Gold Coast, the fifth overseas real estate purchase his Wanda Group conglomerate has made since last year.

As Jewel's absolute controlling shareholder, Wanda will jointly develop the project with its original owners, property developers Riyu Li and Fengliu Wu. The Wanda company plans to invest $900 million in building a luxury five-star Wanda Vista hotel and serviced apartments.