Skift Take
Chinese investments are following their tourists abroad and investing in luxury hotel brands, real estate, and even yacht companies with expectation for a quick return in popular travel destinations.
Dalian Wanda Group, the Chinese developer controlled by billionaire Wang Jianlin, is investing 1 billion pounds ($1.6 billion) in a British yachtmaker and a London site to build Western Europe’s tallest residential tower.
Wanda will spend 700 million pounds on a 62-story luxury hotel and apartment building on the land on the South Banks of the Thames. It also agreed to pay 320 million pounds to buy 92 percent of Sunseeker International Ltd. whose yachts have been featured in James Bond movies, it said in a statement today.
“The bigger Chinese developers need to develop overseas markets as their domestic expansion is limited by the property curbs” on residential homes, said Zuo Hongying, a Shanghai- based analyst at AJ Securities Co. “And they’re fairly cash- rich.”
London has emerged as a haven for foreign wealth, with the pound’s decline attracting investors from Malaysia to Russia to developments like Battersea Power Station, where about half of the project’s apartments have been sold in overseas markets. Chinese developers, including China Vanke Co., also are expanding overseas to take advantage of demand for real esta
