Chinese Wanda into Vauxhall with £700m hotel

Chinese firm Dalian Wanda Group is going to build a luxury hotel on London's Nine Elms Lane - as well as buying Brit yachting firm Sunseeker.

by Emma Haslett
Last Updated: 23 Feb 2016
At the moment, London’s Nine Elms Lane is a wind-swept building site but over the next few years 16,000 luxury flats – alongside as well as thousands of square feet of shops and offices – will be built at sites including Battersea Power Station and around the new US Embassy.

But MT couldn’t help but feel the area was lacking something. Step forward, Chinese firm Dalian Wanda Group, which has been given planning permission to build a £700m, 670ft glass-and-steel luxury hotel. The hotel will compete with those planned for Battersea and Embassy Gardens – but it will also contain ‘scores’ of luxury flats, making it the tallest residential building in Western Europe.

The hotel will be the first Chinese luxury hotel to open in Europe. And given the number of far eastern buyers who have bought flats at the various residential developments around Nine Elms Lane, it’ll come in handy: when you don’t have room for visiting friends and family in your £330,000 studio, just send them to the Wanda instead.

Wanda also used the opportunity to confirm that it is planning to pay £320m for a 92% stake in British yacht maker Sunseeker International.

Wanda chairman Wang Jianlin bashfully told journalists: ‘We wanted to buy 30 Sunseeker yachts because we are planning to build three marinas here in China. So then we thought it would be a better deal if we just bought the company.’ Hey - whatever floats his boat…

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