India
Chinese property billionaire moves into Indian market
Billionaire Wang Jianlin to invest $10bn in Wanda Industrial New City in Haryana state
by: Amy Kazmin in New Delhi and Charles Clover in Beijing
Billionaire Chinese real estate developer Wang Jianlin is wading into India’s notoriously complex property market, with plans to invest up to $10bn in a vast industrial township in the northern part of the country.
Mr Wang’s Dalian Wanda Group, China’s largest commercial property developer, on Friday signed a preliminary agreement with Indian authorities to develop “Wanda Industrial New City”, in Haryana state, which is adjacent to New Delhi, India’s capital.
The Chinese company said construction of the first phase of the project — which Haryana authorities said would span 13 square kilometres and include both an industrial and entertainment park — could start this year.
Indian newspapers have reported that Dalian Wanda foresees a project that would eventually spread over 100 square kilometres, making it one of India’s largest developments.
“They believe in size and scale, which is something India has been lacking,” Amitabh Kant, secretary of India’s Department of Industry Policy and Promotion, said.
A preliminary agreement was signed on Friday in Beijing, where Haryana chief minister Manohar Lal Khattar, of prime minister Narendra Modi’s Bharatiya Janata party, is on a roadshow to woo Chinese investment to his state.
Captain Abhimanyu, the industries minister of Haryana, said the state government already has 3,000 acres of land in Sonipat district — enough for the first phase of the project. Authorities are in negotiations over the terms and conditions for the state to provide the land to the Chinese company.
Large-scale commercial development has been a highly-contentious process in India, where farmers have often resisted the loss of their land, sometimes stalling projects for years.
Despite New Delhi’s differences with Beijing over their shared border and India’s sheltering of Tibet’s exiled spiritual leader, the Dalai Lama, Mr Modi is an admirer of China’s economic achievements. Mr Modi wants to attract Chinese financing and engineering prowess to help modernise India’s infrastructure and economy.
In May, the Indian premier travelled to China, during which deals worth $22bnwere signed. On the heels of that trip, Mr Wang travelled to India in June to explore business opportunities.
Mr Wang, who served in the People’s Liberation army for 17 years before founding Dalian Wanda in 1989, has been known for fostering close ties to the local governments in cities where he undertakes projects.
He also admitted in October that Deng Jiagui, the brother-in-law of Chinese president Xi Jinping, was previously ashareholder in his property group — a sensitive subject in China where ties between wealthy businessmen and the Communist leadership are hushed up.
However, Mr Wang, then speaking at the Harvard Business School, said Mr Deng had already sold his share and was no longer a stakeholder.
The India foray will be the latest in the string of foreign ventures for Mr Wang, whose fortune has been estimated by Forbes at $26bn. With more than 120 Wanda Plaza shopping malls in China, Mr Wang has been on a foreign shopping spree for the better part of a year, buying Legendary Entertainmentthis month for $3.5bn and Ironman Triathalon in August for $650m.
His other foreign assets include the US-based AMC Theatre chain, bought in 2012; the UK’s Sunseeker Yachts, a stake in Atlético Madrid football club and a resort in Australia.
Chinese property billionaire moves into Indian market - FT.com
Chinese property billionaire moves into Indian market
Billionaire Wang Jianlin to invest $10bn in Wanda Industrial New City in Haryana state
by: Amy Kazmin in New Delhi and Charles Clover in Beijing
Billionaire Chinese real estate developer Wang Jianlin is wading into India’s notoriously complex property market, with plans to invest up to $10bn in a vast industrial township in the northern part of the country.
Mr Wang’s Dalian Wanda Group, China’s largest commercial property developer, on Friday signed a preliminary agreement with Indian authorities to develop “Wanda Industrial New City”, in Haryana state, which is adjacent to New Delhi, India’s capital.
The Chinese company said construction of the first phase of the project — which Haryana authorities said would span 13 square kilometres and include both an industrial and entertainment park — could start this year.
Indian newspapers have reported that Dalian Wanda foresees a project that would eventually spread over 100 square kilometres, making it one of India’s largest developments.
“They believe in size and scale, which is something India has been lacking,” Amitabh Kant, secretary of India’s Department of Industry Policy and Promotion, said.
A preliminary agreement was signed on Friday in Beijing, where Haryana chief minister Manohar Lal Khattar, of prime minister Narendra Modi’s Bharatiya Janata party, is on a roadshow to woo Chinese investment to his state.
Captain Abhimanyu, the industries minister of Haryana, said the state government already has 3,000 acres of land in Sonipat district — enough for the first phase of the project. Authorities are in negotiations over the terms and conditions for the state to provide the land to the Chinese company.
Large-scale commercial development has been a highly-contentious process in India, where farmers have often resisted the loss of their land, sometimes stalling projects for years.
Despite New Delhi’s differences with Beijing over their shared border and India’s sheltering of Tibet’s exiled spiritual leader, the Dalai Lama, Mr Modi is an admirer of China’s economic achievements. Mr Modi wants to attract Chinese financing and engineering prowess to help modernise India’s infrastructure and economy.
In May, the Indian premier travelled to China, during which deals worth $22bnwere signed. On the heels of that trip, Mr Wang travelled to India in June to explore business opportunities.
Mr Wang, who served in the People’s Liberation army for 17 years before founding Dalian Wanda in 1989, has been known for fostering close ties to the local governments in cities where he undertakes projects.
He also admitted in October that Deng Jiagui, the brother-in-law of Chinese president Xi Jinping, was previously ashareholder in his property group — a sensitive subject in China where ties between wealthy businessmen and the Communist leadership are hushed up.
However, Mr Wang, then speaking at the Harvard Business School, said Mr Deng had already sold his share and was no longer a stakeholder.
The India foray will be the latest in the string of foreign ventures for Mr Wang, whose fortune has been estimated by Forbes at $26bn. With more than 120 Wanda Plaza shopping malls in China, Mr Wang has been on a foreign shopping spree for the better part of a year, buying Legendary Entertainmentthis month for $3.5bn and Ironman Triathalon in August for $650m.
His other foreign assets include the US-based AMC Theatre chain, bought in 2012; the UK’s Sunseeker Yachts, a stake in Atlético Madrid football club and a resort in Australia.
Chinese property billionaire moves into Indian market - FT.com
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