By Sarah Michael For Daily Mail Australia The richest man in China is expanding his commercial property empire into Australia with plans to invest $1.7 billion in local real estate developments. Wang Jianlin's Hong Kong-based conglomerate Dalian Wanda Group has announced the launch of Wanda Australia including a major $971 million investment in The Jewel resort on the Gold Coast, and is on the hunt for property in Sydney. In a statement the company said it would purchase a controlling 60 per cent stake in The Jewel at Surfer's Paradise where it would build the city's first five-star hotel and apartment complex on the beachfront.
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Wang Jianlin's Dalian Wanda Group launching of Wanda Australia
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Company will invest $971 million in The Jewel resort on the Gold Coast
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Mr Wang is the richest man on mainland China and is worth $17.1 billion
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He wants Wanda to be the world's largest hotel chain with plans to build at least 15 hotels in 15 cities by 2020
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