{"id":1004102012,"date":"2014-08-11T06:17:38","date_gmt":"2014-08-11T14:17:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004102012"},"modified":"2022-12-09T01:48:52","modified_gmt":"2022-12-09T09:48:52","slug":"wanda-group-to-build-1-2b-mxd-in-la","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wanda-group-to-build-1-2b-mxd-in-la\/","title":{"rendered":"Wanda Group to Build $1.2B MXD in LA"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/p>\n

That\u2019s one way to get into the movie business. Chinese conglomerate the Wanda Group, a\/k\/a Dalian Wanda Group, has outbid numerous other parties for a prime site in Beverly Hills, on which it plans to build a $1.2 billion mixed-use project, a Hong Kong-based correspondent reported in the Financial Times<\/em> on Friday.<\/p>\n

The site, at 9900 Wilshire Blvd., is adjacent to the private Los Angeles Country Club and very close to Rodeo Drive, UCLA and Hollywood. The mixed-use development reportedly will include luxury apartments and \u201coffice space targeting the entertainment industry.\u201d<\/p>\n

No further information was available from Wanda Group about the project\u2019s specifics.<\/p>\n

The project \u201cwill serve as the Wanda Group\u2019s first important step into Hollywood,\u201d according to a release from the company. A new LA office will handle entertainment sector investments and \u201cwill be able to leverage on Hollywood\u2019s solid film industry resources to support the group\u2019s Qingdao Oriental Movie Metropolis and Qingdao International Film Festival projects in China,\u201d Wanda announced, adding, \u201cThe office will also be the base for investment in local film production companies or global theatrical releases.\u201d<\/p>\n

Currently China\u2019s largest CRE developer by sales, Wanda two years ago bought AMC, the largest American chain of movie theaters, in a $2.6 billion transaction.<\/p>\n

The Financial Times<\/em> noted that \u201cChina is now the world\u2019s second-largest box office market, making it a vital source of revenue for Hollywood\u2019s film industry.\u201d<\/p>\n

Commercial Property Executive<\/i> reported in June of last year<\/a> that Wanda Group had bought, for a reported $140 million, the site for a major component of London\u2019s One Nine Elms redevelopment project. The original developer, Green Property, was the seller.<\/p>\n

Wanda Group announced at that time that it planned to put about $1.1 billion into the project, which is to include two residential towers, of 43 and 58 stories. A podium in the smaller tower reportedly will feature a 160-key five-star hotel and roughly 108,000 square feet of office space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese conglomerate the Wanda Group has outbid numerous other parties for a prime site in Beverly Hills, on which it plans to build a mixed-use project.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21752,21742,15],"tags":[39453],"class_list":["post-1004102012","post","type-post","status-publish","format-standard","hentry","category-development","category-mixed-use","category-latest","category-west","tag-los-angeles"],"acf":[],"yoast_head":"\nWanda Group to Build $1.2B MXD in LA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wanda-group-to-build-1-2b-mxd-in-la\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wanda Group to Build $1.2B MXD in LA\" \/>\n<meta property=\"og:description\" content=\"Chinese conglomerate the Wanda Group has outbid numerous other parties for a prime site in Beverly Hills, on which it plans to build a mixed-use project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wanda-group-to-build-1-2b-mxd-in-la\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-11T14:17:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:48:52+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Wanda Group to Build $1.2B MXD in LA\",\"datePublished\":\"2014-08-11T14:17:38+00:00\",\"dateModified\":\"2022-12-09T09:48:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/\"},\"wordCount\":337,\"commentCount\":0,\"keywords\":[\"Los Angeles\"],\"articleSection\":[\"Development\",\"Mixed Use\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wanda-group-to-build-1-2b-mxd-in-la\\\/\",\"name\":\"Wanda Group to Build $1.2B MXD in LA - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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