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China's Wanda buys luxury British yacht maker Sunseeker, to develop London hotel project

BEIJING, China – Chinese property and cinema conglomerate Dalian Wanda Group says it is buying British yacht maker Sunseeker and will develop an upmarket London hotel, expanding into the luxury market as part of the latest foray abroad by a major Chinese firm.

The company said Wednesday it was acquiring a 91.81 per cent stake in Sunseeker in a deal worth 320 million pounds ($500 million). Wanda also says it plans to invest 700 million pounds ($1 billion) in a five-star, 160-room London hotel on the South Bank overlooking the Thames River.

Wanda last year set the current record for the biggest Chinese takeover of an American company when it bought the AMC cinema chain for $2.6 billion.

Cash-rich Chinese firms are increasingly seeking foreign brands, technology and skills to speed their development.