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Wang Jianlin plans to invest $970 million in Queensland

Staff writer |
Wang Jianlin, chairman of the Wanda Group, sad he had bought a controlling interest in the Surfers Paradise development site Jewel. He is committed to invest in a $970 million luxury hotel and apartment development on Queensland's Gold Coast.

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The 1.13 hectare beachfront site had remained vacant while owner, China's Ridong Group, sought a financial backer. It had state approval to build three towers, one would be a luxury five-star hotel and the other two serviced apartments. A park, conference rooms and restaurants would also be located directly on the beachfront.

"The Jewel's design is especially unique and is the first project on the Gold Coast to adopt the façade cladding technique to represent three crystalline forms on the beach," the company said.

Construction is due to begin next year and the project is expected to be finished by 2018.

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