|By PR Newswire||
|August 11, 2014 04:05 AM EDT||
LOS ANGELES, Aug. 11, 2014 /PRNewswire/ -- Wanda Group hereby announces that it has won the bid for a plot of land located at 9900 Wilshire Boulevard in Beverly Hills, Los Angeles. Wanda plans to invest USD1.2 billion to construct a mixed-use development. Wanda successfully beat out more than ten bidders from Asia and North America for the project.
The project site is located in a prime luxury residential area, only ten minutes walking distance from Rodeo Drive, recognized as one of the world's leading luxury retail destinations. The site is also five minutes drive from world famous University of California, Los Angeles (UCLA) and ten minutes drive from Hollywood. Directly adjacent to the property is the Los Angeles Country Club, an exquisite 36-hole private golf course that is one of the most high profile golfing destinations throughout the city. To the west of the site lies the famous El Rodeo School, with Beverly Hills High School situated to the east. Surrounding the site are a number of leading international hotel brands such as the Peninsula and Waldorf Astoria.
The location is widely regarded as the premier development site for luxury property throughout all of Los Angeles.
The Los Angeles project will serve as the Wanda Group's first important step into Hollywood. The company will set up a Los Angeles office, which will handle entertainment sector investments while the company's New York office will be responsible for commercial sector investments. The Los Angeles office will be able to leverage on Hollywood's solid film industry resources to support the Group's Qingdao Oriental Movie Metropolis and Qingdao International Film Festival projects in China. The office will also be the base for investment in local film production companies or global theatrical releases.
The Los Angeles project is expected to aid in China's entry into Hollywood's film industry and generally promote Chinese culture abroad.
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