Chinese Go On UK Luxury Spending Spree

A Chinese conglomerate is to spend £1bn to buy British yacht maker Sunseeker and develop an upmarket London hotel on the major Nine Elms regeneration site.

Dalian Wanda Group is taking a 91.8% stake in Sunseeker for £320m.

The yacht builder, which employs 2,300 staff in Dorset, has been told its base in Poole and the workforce will be retained.

Management is to purchase the remaining shares.

More than £700m is to be spent, the firm said, on a 160-room luxury hotel and apartment complex overlooking the River Thames at Vauxhall.

The Nine Elms development site, which stretches to Battersea along the south bank of the Thames, will also house the US embassy and other office and residential developments and be served by the extension to the Northern Line tube, due to open in three years' time.

Boris Johnson says the Nine Elms development will deliver thousands of jobs

The project includes two 200m (660ft) towers - billed as the tallest of their kind in the city - which have been granted outline planning approval.

London Mayor Boris Johnson welcomed the investment and said it was part of ongoing plans to "dramatically transform" Nine Elms and provide thousands of new jobs and homes.

The complex will also be the first luxury hotel opened by a Chinese firm overseas, Dalian Wanda said.

Sunseeker's biggest boats have a starting price of £400,000

Chinese companies have started to acquire top international brands as a shortcut to global success.

There is also growing demand for luxury in mainland China, where new marinas line the country's southern coast.

Dalian Wanda, which last year bought US cinema chain AMC Entertainment for $2.6bn (£1.66bn), said it expected the Sunseeker deal to be completed in mid-August.

Its new top of the range 155 Yacht costs £20m, with former Formula One team boss Eddie Jordan the first customer.

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