Wanda to invest $3-5b in UK

Dalian Wanda Group, one of China's largest real estate and shopping mall developers, announced Friday its intention to invest 2-3 billion pounds ($3.30-$4.95 billion) in projects in the UK, the main one being its multi-use cultural and tourism commercial project.

Wang Jianlin, chairman of Dalian Wanda Group, and David Cameron, the UK Prime Minister, announced this major investment project after their meetings at the annual meeting of the World Economic Forum.

This announcement comes shortly after Cameron's recent visit to China, of which Chinese investment in the UK was a key feature. Last year, Wanda announced a five-star hotel and luxury residential apartment project in London.