Chicago high-rise will be city’s big­gest Chi­nese deal so far

China Daily (Canada) - - ACROSS AMERICAS - By REUTERS

China’s largest com­mer­cial prop­erty com­pany, Dalian Wanda, and a Chicago real es­tate de­vel­oper on Mon­day an­nounced they will build a $900 mil­lion sky­scraper, the largest-ever real es­tate in­vest­ment by a Chi­nese com­pany in Chicago. re­tail space.

The com­pa­nies did not say what per­cent­age of the in­vest­ment each of them owns.

De­vel­op­ers said the project would em­ploy 2,000 con­struc­tion work­ers and, even­tu­ally, 500 per­ma­nent, full-time em­ploy­ees in the com­pleted build­ing.

“This is a very im­por­tant day, a sig­nif­i­cant day for the city of Chicago, and al­lows us to con­tinue to be the des­ti­na­tion for ma­jor in­ter­na­tional in­vest­ment that cre­ates jobs here,” said Chicago Mayor Rahm Emanuel.

Dalian Wanda, owned by China’s rich­est man, Wang Jian­lin, ac­quired US. movie theater chain AMC En­ter­tain­ment in 2012 and owns build­ings from Spain to Aus­tralia.

An ex­ec­u­tive for the Chi­nese hotel chain said the Chicago build­ing would rep­re­sent the com­pany’s sig­na­ture project.

“It’s the per­fect city to show­case our ca­pa­bil­i­ties,” Eddy Tiftik, Wanda hotel’s deputy gen­eral man­ager for over­seas de­vel­op­ment, said in a state­ment. “We have been the mar­ket leader ev­ery­where we have opened. We have prac­ticed this. We know it works, and we are ready to present our con­cept to Amer­ica.”

The build­ing will be lo­cated near Chicago’s Lake Michi­gan shore­line at the end of the city’s Up­per Wacker Drive, south of the Chicago River.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.