The closely held Chinese property developer Dalian Wanda Group is spending GBP1.6 billion. This is for the acquisition of a stake in a London property and British yacht manufacturer. The company aims to expand in the luxury industry.

Controlled by billionaire Wang Jianlin, Wanda agreed acquisition to a 92% stake in Sunseeker International Ltd, a British yacht maker according to a statement filed today. The company also invested in a London property that includes a five star hotel.

As wealthy Chinese consumers spend more overseas and luxury at home, Dalian Wanda made huge investments. The number of wealthy people in China has climbed to 4% from 12 months earlier to 2.8 million. This was according to this year's findings from the Hurun Research Institute.

Dalian Wanda bought US cinema chain AMC Entertainment Holdings Inc. for US$2.6 billion. It is also among many Chinese firms that are seeking to buy properties abroad to gain brands, technology and foreign expertise.