Wanda is the latest Chinese firm to buy a foreign brand
Dalian Wanda Group, a Chinese property developer, said it will spend £1bn ($1.6bn) to buy a British yacht maker and property in London.
Wanda will pay £320m for almost 92% of Sunseeker International, famous for providing yachts for James Bond movies.
It will also invest £700m pounds to develop a five-star hotel in London
It is the first step into the luxury market for Wanda, which last year bought US cinema chain AMC Entertainment.
Chinese consumers are increasingly spending more money on luxury items at home and overseas. Cash-rich Chinese companies have also been buying up foreign firms, especially big brands.
In 2012 Shandong Heavy Industry Group bought Italian yacht builder Ferretti and in 2010 Zheijian Geely bought Volvo Cars.
Source: BBC News - Business http://www.bbc.co.uk/news/business-22963760#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
