Pursuits
China Billionaire Buys L.A. Land for Foray Into Hollywood Films
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Dalian Wanda Group, which controls the second-largest U.S. cinema chain, won the bid for a piece of land in Los Angeles as the Chinese company sets its sights on Hollywood.
Wanda, the Chinese developer controlled by billionaire Wang Jianlin, plans to invest $1.2 billion after beating more than 10 bidders for the 32,000 square meter (344,320 square foot) plot in Beverly Hills, the company said in a statement on its website. Wanda plans to set up an office in the city and help China’s entry into Hollywood’s film industry, it said.