Wanda Commercial Properties,the Chinese real estate developer, has agreed to buy a 90% share in a Chicago waterfront project.
The site will include high-end residential units, as well as commercial space and a hotel. The company chairman has said that the Chicago purchase is the first of several that Wanda has planned in the United States.
The company is spending $900 million on the Chicago property. The remaining 10% will be held by The Magellan Group, a Los Angeles-based property firm.
Work on the project is slated to start later this year and a completion date has been scheduled for 2018. The centrepiece of the project will be its 89-storey skyscraper, which will be the third-tallest building in Chicago. It will be home to a 240-room, five-star hotel, a commercial centre, and luxury apartments.
This is Wanda’s third overseas five-star hotel project. Last month, the company bought the Edificio Espana in Madrid for $362 million from Banco Santander. By 2020, his company hopes to have hotels in between 12 and 15 major cities worldwide.
In the US, Wanda will be looking for opportunities in major urban areas, such as New York, San Francisco, and Los Angeles.
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