Dalian Wanda Group, a Chinese property developer, is to invest £1 billion in the UK through the purchase of Dorset-based Sunseeker International and with plans for a five-star hotel in London.
Wanda will pay £320 million for almost 92% of Poole-based Sunseeker, famous for providing yachts for James Bond films. It will also invest £700m to develop a five-star hotel in London.
The company said Sunseeker will maintain its existing production bases and current workforce, with founder Robert Braithwaite set to continue his involvement. Management will hold the remaining 8% stake in the business.
The investment company of Stagecoach founder Brian Souter was the largest shareholder in Portofino Yacht Investments, which controlled Sunseeker. He said: ''Sunseeker already exports nearly 100% of its yachts to many countries round the world. Wanda will be a wonderful partner, particularly in helping it unlock the substantial potential inherent in the developing Chinese boating market.''
China's rapid economic growth has boosted the number of high-net-worth individuals which has, in turn, created a massive market for luxury goods.
The hotel in London will be the first such development to be operated by a Chinese firm overseas and has been welcomed by the mayor of London, Boris Johnson, who said that the deal was "yet another sign of the soaring global confidence in London as a world-beating place to live, work and do business".
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