Wanda will pay £320m for almost 92% of Sunseeker International, famous for providing yachts for James Bond movies.

 

It will also invest £700m to develop a five-star hotel in London.

 

It is the first step into the luxury market for Wanda, which last year bought US cinema chain AMC Entertainment.

 

"China's consumption is growing, especially the market for high-end luxury products, it is growing very rapidly,'' said Wang Jianlian, chief executive and founder² of Wanda and one of China's richest men.

 

"We have noticed the growth in consumption of luxury yachts, also private planes," he said, adding that the growth in the luxury segment was "exponential（指数的）".

 

China's rapid economic growth in recent years has been accompanied by a surge in the number of high net worth individuals, which has driven up demand for luxury goods. 

 

In an attempt to cater³ to growing demand and tap into the lucrative⁴ market, Chinese firms have been keen to buy established foreign brands. 

 

In 2012, Shandong Heavy Industry Group bought Italian yacht builder Ferretti and in 2010 Zheijian Geely bought Volvo Cars.

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