document: The news came after US equity firm Blackstone said it was selling a Sydney office building to the group for A$415m ($327m; £218m).
  Gold Fields House is in the city's prime central business district and overlooks the Sydney Harbour.
  The firm said it plans to build a luxury hotel as well as residential and retail outlets in the area.
  "We look forward to creating a new Sydney landmark," said Dalian Wanda in a statement on Monday.
  Wanda group is backed by Chinese billionaire Wang Jianlin and is the country's largest property conglomerate.
  The recent announcement is the latest in a series of international acquisitions for the Chinese firm.
  It has already agreed to invest nearly $2bn in London and Madrid hotels and properties in the last two years, according to Reuters.
  Last week, Wanda said it was buying a 20% stake in Spanish football club Atletico Madrid for €45m ($52m; £34m) - making it the first Chinese company to invest in a top European football club.
  The group also owns US cinema chain AMC and luxury British yachtmaker Sunseeker.
  Hong Kong listed shares of Dalian Wanda Commercial Properties were up 3.4% after the deal was announced.
summary: Chinese property giant Dalian Wanda is set to invest $1bn (£667m) in a development near Sydney Harbour.