China’s commercial property and entertainment conglomerate Dalian Wanda Group plans a $1.2bn development in Beverly Hills, Los Angeles, after beating rivals to a prime piece of real estate there.
Wanda will build the mixed-use scheme at 9900 Wilshire Boulevard. In a statement today the company said it beat more than 10 bidders from Asia and North America for the plot of land.
Wanda said the project, located in a prime luxury residential area close to Hollywood, "is expected to aid in China’s entry into Hollywood’s film industry and generally promote Chinese culture abroad".
The company will set up an office in Los Angeles to invest in local film production companies or global theatrical releases.Â
The statement today said: "The Los Angeles office will be able to leverage on Hollywood’s solid film industry resources to support the Group’s Qingdao Oriental Movie Metropolis and Qingdao International Film Festival projects in China."
Wanda bought AMC, the largest chain of cinemas in the US, two years ago in a $2.6bn deal. Last June the group announced a $1bn hotel scheme in London.