Chinese developer to spend $4.62 billion in Paris

DALIAN, China - Dalian Wanda Group, a leading Chinese private property developer, said on Saturday that it is to join hands with major French retailer Groupe Auchan to build a large commercial complex in Paris.

With the deal, the Chinese developer can accelerate its overseas investments and diversify risks as its home economy slows.

Dalian Wanda said the total investment will be over 3 billion euros (S$4.62 billion) to construct the complex -- a hotel, an amusement park, a large concert hall, a business centre and a conference venue - on about 80 hectares near Charles de Gaulle Airport, northeast of central Paris. Total floor space is likely to be 760,000 sq. meters, according to the company.

The Chinese developer has yet to announce when it is to break ground.

The project is seen creating 20,000 construction jobs plus 14,000 jobs once the commercial complex opens.

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