China’s Wang Plans Up to $5 Billion Investment in U.K. Projects

Dalian Wanda Group, the property company owned by Chinese billionaire Wang Jianlin, plans to invest as much as 3 billion pounds ($5 billion) in U.K. developments after a meeting with British Prime Minister David Cameron aimed at bolstering trade.

Wang and Cameron announced the investment in Davos, Switzerland, according to a statement today. The main part of the 2 billion-pound to 3 billion-pound venture will be a cultural and travel development. The Chinese company didn’t provide details of the project.

Dalian Wanda is already investing 1 billion pounds in a British yacht-maker and a London site to build Western Europe’s tallest residential tower. Cameron went to China last month for the first time in three years, traveling with a delegation of about 100 business leaders and seeking improved trade. Chancellor of the Exchequer George Osborne visited China in October, as did London Mayor Boris Johnson.

“When I met Chairman Wang Jianlin during my recent trade visit to China, I encouraged him to make further investment into Britain,” Cameron said in the statement. “I’m delighted that Wanda has decided to invest 2 billion pounds to 3 billion pounds in regeneration projects so soon after.”

Wang is China’s third-richest person with a net worth of $12.8 billion, according to the Bloomberg Billionaires Index.

“The U.K. has huge investment opportunities, there are strong and stable returns to be had and the U.K. government has made it very clear that it welcomes overseas investment,” Wang said in the statement.

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