Chinese property developer Dalian Wanda Group will buy 92% of British yacht maker Sunseeker International for £320 million.
It will also invest £700 million to build a new luxury hotel in Vauxhall, South London, a move that Mayor Boris Johnson deemed “yet another sign of the soaring global confidence in London as a place to live, work and do business.”
The booming Chinese economy is resulting in a rising number of extremely wealthy individuals. Demand for luxury good is in turn soaring.
Wang Jianlian, chief executive and founder of Wanda, said: “In China, the market for high-end luxury products – including yachts and private planes – is growing very rapidly and exponentially.”
He added that Wanda will keep jobs in Poole and that no lay-offs will result from the deal.
Chinese organisations partly own a number of UK brands, including Weetabix and Thames Water.