The group intends to pay £320 million to take a stake of almost 92 percent of Sunseeker International. The company is perhaps most famous for providing a number of yachts that have been used in the James Bond movie series.
The other part of Wanda’s first move into the luxury market will involve it making a £700 million investment in the development of a five-star London hotel. These deals follow in the footsteps of the group’s decision to purchase the US cinema chain AMC Entertainment last year.
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.
