China's Wanda to invest $1bn in NY hotel

China’s largest commercial property developer plans to invest US$1 billion in the development of a luxury hotel in New York, Reuters reported. Chairman Wang Jianlin of Wanda Group said Tuesday that the company is currently in talks with potential partners to build the five-star hotel as well as an apartment complex in what will be the firm’s third major investment outside of China. Further details will likely be disclosed in the third quarter “if everything goes smoothly,” Wang said. Wanda also recently announced a US$1.56 billion investment in London.