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Chinese buy UK yacht maker, plan luxury London hotel

Chinese buy UK yacht maker, plan luxury London hotel
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Chinese conglomerate Dalian Wanda Group is betting big on the British luxury market.

It is to spend the equivalent of 370 million euros to buy UK yacht builder Sunseeker.

Its cheapest boats cost over 450,000 euros and the priciest sells for 23 million euros.

Set up in the 1970s, Sunseeker employs around 2,300 people in and around Poole on the south coast of England. Following the acquisition, the firm would retain the base and existing workforce, Dalian Wanda said.

At the same time Dalian Wanda announced it is to invest a further 800 million euros to build a luxury hotel and apartment complex overlooking London’s River Thames.

The complex – which will have 160 rooms and has already obtained full planning consent – will be the first luxury hotel opened by a Chinese firm overseas, the group said.

It is the latest example in the trend of Chinese companies acquiring top luxury global brands.

Last year Dalian Wanda bought US cinema chain AMC Entertainment for $2.6 billion.

It is following in the wake of Chinese machinery maker Shandong Heavy Industry Group, which took over Italian yacht maker Ferretti last year.

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