CRI听力:China's Wanda Eyes Australia Market

Chinese firm Dalian Wanda has announced it's going to set up a joint venture with its parent company to invest in the Australian real estate sector.

The joint venture will initially see over 1.5-billion U.S. dollars invested into a mixed-use commercial project in Queensland, one of Australia's top travel destinations.

The project will consist of a five-star hotel and serviced apartments.

Wanda will hold a 60-percent stake in the venture.

The largest commercial developer in China says the investment is a strategy to diversify its earnings.

The company has also been expanding its cultural and entertainment sectors overseas.

Earlier this year, Wanda announced it had signed an agreement to acquire AMC entertainment based in Kansas.

AMC entertainment runs the cinema chain AMC Theaters in the U.S..

For more on Dalian Wanda, we are now joined on line with Benjamin Cavender, associate principal at China Market Research in Shanghai.