Wanda invests in premier LA site

China's leading commercial property developer, Wanda Group, said over the weekend that it plans to invest $1.2 billion to build a mixed-use development complex at a premier site in Beverly Hills, Los Angeles, the company's first step into Hollywood's film industry.

Wanda said in a statement it will also set up an office in Los Angeles to handle entertainment sector investments, while its New York office will be responsible for commercial sector investments.

"The Los Angeles project is expected to aid China's entry into Hollywood's film industry and generally promote Chinese culture abroad," the company said.