China’s Tycoon Wanda to build $900 million complex in Chicago
China’s Wanda Group, controlled by the country’s richest man Wang Jianlin, says it will invest $900 million in a five-star hotel and apartment complex in Chicago, as it acquires more assets in the US.
The project, to be located near the intersection of the Chicago River and Lake Michigan, will be the city’s third tallest building with a height of 350 metres (1,148 feet), the company said in a statement.
It will be a mixed-use development consisting of a 240-room “super five-star” hotel, residential units and commercial space, and heralds greater expansion into the US, according to the statement posted Tuesday.
“The Chicago project is just the first step of Wanda’s property investment in the United States,” Wang said in the statement, adding the company would invest in five-star hotels in major US cities including New York, Los Angeles and San Francisco “within a year”. Wanda has made a series of big-ticket purchases of Western assets in recent years as it seeks to spread itself internationally.