As reported in the Australian Financial Review, China's Dalian Wanda Group confirmed it would build its own brand of five-star hotel at Sydney's Circular Quay.
The group, led by billionaire Wang Jianlin, have said they are planning to turn the Gold Fields House site at 1 Alfred Street, which also incorporates Fairfax House and the Rugby Club, into a hotel and residential two-tower complex worth about $1 billion.
The group has a long record of building hotels internationally, also formally operating the Hilton and Sofitel groups in China.
Speaking with the AFR, Wanda Sydney Managing Director Charlie Li said, "Sydney could do with another five-star hotel.""The tourism industry will continue to grow. Sydney is on top with London and New York because it has a unique location.