Australia: Chinese real estate giant Wanda Group has bought the Jewel project on the Gold Coast.
As Jewel’s absolute controlling shareholder, Wanda will jointly develop the project with its original owners and plans to invest US$900 million to build a five-star Wanda Vista hotel and serviced apartments.
The Jewel, in Surfer’s Paradise, is Wanda’s fifth overseas hotel project announcement. It is the city’s only five-star hotel and apartment project approved to be built on the beachfront. With a planned gross floor area of 146,000 square metres, the project will comprise three towers, two of which will house serviced apartments.
Facilities will include a central park, a conference rooms, restaurants, bars and entertainment facilities. Construction will begin in 2015 and the project will open in 2018.
www.wanda-group.com</p
