Wanda to build $900m complex in Chicago

Beijing - China's Wanda Group, controlled by the country's richest man Wang Jianlin, says it will invest $900m in a five-star hotel and apartment complex in Chicago, as it acquires more assets in the US.

The project will be the city's third tallest building at 350m.

It will be a mixed-use development consisting of a 240-room "super five-star" hotel, residential units and commercial space.

"The Chicago project is just the first step of Wanda's property investment in the United States," Wang said, adding the company would invest in five-star hotels in major US cities including New York, Los Angeles and San Francisco "within a year".

Last month Spain's biggest bank Santander announced that it had sold a historic skyscraper in Madrid to a Wanda subsidiary for about $360m.