Chinese firm to buy UK yacht manufacturer

<p>A UK yacht manufacturer is being bought by a Chinese firm.</p>

Chinese property developer Dalian Wanda Group has announced it is to buy a UK yacht manufacturer and property in London.

It is purchasing almost 92 per cent of Sunseeker International, which is most known for providing yachts for James Bond movies, with the price thought to be in the region of £300 million.

Wanda also revealed it is to spend a further £700 million on the development of properties in London. This is the latest overseas firm to see the capital as a profit-making opportunity.

The company is intending to create a five-star hotel in the city and this marks Wanda's first moves into the luxury market.

It recently bought US cinema chain AMC Entertainment as it broadens its options into other markets and industries, following in the footsteps of Shandong Heavy Industry Group, which purchased Italian yacht builder Ferretti last year.

Earlier this month, the World Bank announced it is cutting its growth forecasts for China.

It previously suggested the Chinese economy could expand by 2.4 per cent in 2013, but the body has revised this figure down to 2.2 per cent now.

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