Dalian Wanda makes large investments to develop Sydney Harbour area

Sydney Harbour will go through a series of developments with Chinese property giant Dalian Wanda making a huge investment worth $1bn (£667m) in developing the area surrounding the Sydney Harbour.

The US equity firm Blackstone sold its Sydney office building to the group for A$415m ($327m; £218m).

There are plans of building a luxury hotel and residential properties and retail outlet areas.

The Gold Fields House is the city’s prime central district and overlooks the Sydney Harbour.

The group is backed by a Chinese billionaire Wang Jianlin and is the country’s largest property conglomerate.

This is the latest international acquisition that the Chinese firm is making. The firm is investing nearly $2bn in London and Madrid hotels and properties in the last two years.

Last week the tycoon announced buying out 20% stakes of Atletico Madrid, for €45m ($52m; £34m), the Spanish football club. The 60-years old China’s second -richest man is behind Alibaba boss Jack Ma. The group also owns US cinema chain AMC and luxury British yachtmaker Sunseeker. Hong Kong listed shares of Dalian Wanda Commercial Properties were up 3.4% after the deal was announced.

He is worth $13.2bn according to Forbes magazine. He is also planning to open an amusement park in China that will rival the likes of Walt Disney and Universal Studios.