Chinese property conglomerate Dalian Wanda Group plans to expand its luxury real-estate and hotel business overseas, as it builds the world's first Chinese luxury hotel outside of China's mainland to cater to the country's booming outbound travel market.
Wanda said it plans a luxury hotel and development in London with a total investment value of £700 million ($1.09 billion). It will build luxury apartments and a luxury hotel in London, it said.